IT has been open for less than five months but already Belfast newest market has lost more than half its stalls.
Folktown Market opened in a blaze of publicity in April at the rejuvenated Bank Square in the city.
However, while it had more than 30 stalls at the beginning, only 14 were operating shortly before lunch time yesterday.
The market, which offers a range of food, drink and craft stalls, was billed as the first independent weekly outdoor market to be granted a licence in 400 years following a successful challenge to Belfast City Council.
The ancient 'Belfast Charter' was granted in 1613 to Lord Chichester by James I and marked the start of the Belfast Corporation - later to became Belfast City Council, which had, until earlier thiss year, exclusive market rights in the city.
But the early momentum behind the market, which has taken centre stage at the square, that is also home to Kelly's Cellars pub and the Mourne Seafood Bar, appears to have slowed down.
Rather than the throngs that took to the square during the early weeks of the market, there relatively few numbers walking around the stalls yesterday.
Market director Joby Fox however said organisers were "completely optimistic about the market".
"Like all businesses there will be tweaking towards the actual footfall of the seasons and the trade we are attracting," he said.
"We have a stock of 20-25 traders which is more than sufficient as we have a limited capacity on Bank Square. We are delighted with the progress of the market, which will take some time to bed in.
"We are a social enterprise with a strong social agenda which is partly to stitch the city back up again after 35 years of conflict. The market has transformed the area attracting people who would never have visited before.
"The local restaurants, bars and small traders are very happy with the market and the new footfall it is bringing.
"Next week, we have five new traders coming on board for the autumn season."
Bank Square, which was formerly a car park has undergone a £3 million makeover by the Department for Social Development (DSD).
That has seen the streetscape completely transformed with the installation of new paving, trees and street art and lighting.
Folktown Market was also supported by the DSD and received money from the Big Lottery Fund's 'Awards for All' programme, The Ireland Funds and the Ulster Community Investment Trust.
Last week, DSD announced plans for a new boutique hotel at the site.
The 17-room hotel will fill a vacant gap in the square and will also feature a restaurant.