Outside operators could be brought in to run the best known market in the North East as part of plans to safeguard its future.

Newcastle’s Grainger Market welcomed in around 6.5m visitors last year – some 124,000 people every week – and has been a favourite destination for residents and tourists for 180 years.

But owner Newcastle City Council wants to align the market with the needs of the 21st century consumer, sustaining its future through staging events and by investing in the historic market.

Improvements have already been made to the entrances and further investment has been pledged to carry out refurbishments in the glazed arcade area.

Now, on top of gaining permission to stay open until midnight on special occasions following the success of late-night Christmas opening hours, it has emerged that the council is to hold to a market sounding event to see if other organisations could better manage the site.

In the latest newsletter to its 109 tenants, the council says it will host the event at Newcastle City Library on March 7, inviting “experienced market and retail management companies, market and retail consultants or current stallholder groups” to discuss ways to evolve the market’s future.

The letter says: “Newcastle City Council is committed to securing the best outcomes for a sustainable future for Grainger Market.

“With this aim in mind we intend to hold a market sounding event aimed at establishing the capability of other organisations to deliver a managed service or strategic plan which can provide a significant and positive impact in further developing our current operational model for the Grainger Market.

“Whilst at this stage this is not an invitation for formal expressions of interest, we wish to invite experienced market and retail management companies, market and retail consultants or current stallholder groups to participate in a market sounding exercise.

“The aim of the event is to gain industry insight on whether it possesses the necessary skills, capacity and knowledge to manage or strategically plan further development options for the future operation of the Grainger Market.”

The council has assured tenants it has no intention of selling the market, but that it is committed to bringing in experts who could encourage in more shoppers.

Newcastle City Council’s cabinet member for inclusive growth, Coun Ged Bell, said: “These are exciting times for Grainger Market with the city council investing more than £2.5m to improving the roof and entrances of this beautiful Grade 1 Listed venue. We have no intention of selling off this cultural asset that remains at the heart of the community.

“Our market sounding event is looking to attract people with a variety of specialist skills and knowledge who will be pivotal in generating a blueprint on what the market can offer customers and traders for years to come.

“Over recent months Grainger Market has experimented with different ideas to boast this thriving centre further. This included cultural events and late night openings, both of which successfully pulled in people who wouldn’t usually visit the market.

“We are working closely with our market traders and listening to their concerns.”