The money will be used to transform the outer look of the Market and celebrate its unique circular design, making it a more attractive and vibrant place to visit.
Plans for the work are being drawn up now, and will include general tidying up of the outside areas and removal of clutter. The concrete and existing windows will be cleaned and there will be new entrances, signage and lighting.
The works will open up the Market, with greater visibility between the inside and outside.
The whole plan is designed to support the new-look city centre and the creation of City Centre South – a residential led, mixed-use development in the heart of the city that will deliver new homes, commercial and green space, and create an exciting new residential, shopping and leisure destination.
Cllr Jim O’Boyle, Cabinet Member for Jobs, Regeneration and Climate Change, said: “The Market has been at the heart of our city centre for generations, and we are working very hard to ensure it is a major part of the Coventry of the future.
“As City Centre South develops, the Market will be more visible than ever before and part of a totally transformed area that is replacing tired and underused parts of our city with vibrant spaces and a bustling new community.
“We want the Market to be a part of that, and this money will help us make it a visually striking attraction that invites people to visit the fantastic stalls inside.”The Market is being kept open throughout the demolition and rebuilding for City Centre South, and the City Council has been working with traders to offer support.
Work has included improved and extensive signage, help with Business Rates, meetings with developers, and initiatives such as ‘street food’ promotions and ‘pop-up’ stalls for new would-be traders.
Chris Charley, Market Committee secretary said “On behalf of the traders, we are extremely excited and pleased with this news. It is so great that Coventry Indoor Market has been recognised as such a vital part of Coventry city centre, we are extremely proud of its history, but this news secures its future, which brings certainty for our businesses going forward.
“We have worked and engaged with so many individuals and organisations, who have come together to support and help the Market. This is great news and we hope everyone continues to support the market for the future.”
Cllr O’Boyle added: “We know Coventry people love the Market, and the Council does too. It is a part of city life, and with this funding, and the initiatives already underway, we can make it the bright, attractive and thriving hub of city centre life it deserves to be.”
Watch this video with Cllr O'Boyle and Chris Charley to hear more about their reaction to the news.
Plans for the changes are expected to be submitted for approval by early summer, and works are expected to be complete in late 2027.
Richard Parker, Mayor of the West Midlands, said: “Coventry’s market traders are the life and soul of the city centre and this is an investment in their future. It’s also about supporting hardworking local people – because for them a thriving market means fresh food, unique finds, and a chance to support local makers.
“I’ve got big plans to use the resources available to me to make all our town and city centres vibrant and attractive places to visit. That’s more homes, shops and better transport links. And this once-in-a-generation redevelopment at City Centre South is a sign of what’s to come.”
Stuart Bale, Project Director for City Centre South at The Hill Group, said: “We are proud to be supporting Coventry Market with this makeover. The market is such a central hub for the city, and we are keen to help where we can. The future residents of City Centre South will have the market right on their doorstep, providing easy access to independent traders, fresh produce and introducing them to the welcoming community that makes Coventry unique.”
“This project is about more than just regeneration; it's about strengthening local connections and helping the community to evolve and thrive as a new quarter for the city takes shape.”
Councillors are also looking at long-term plans to carry out internal improvements on the building, but this will follow later after talks with traders.
The Government’s Pride in Place Programme will see up to £5b given to areas across the UK to make long-term improvements that residents want.
