Quayside Market is due to launch on Saturday, April 9, at the historic canal basin and visitors can expect of a mixture of family-friendly activities, street food traders, craft ales, along with arts and crafts.
One of the organisers Bally Johal, who also owns True Loves bar and delicatessen at Victoria Quays, said he hopes the event will help to put the city and the canal basin area in the spotlight.
The 48-year-old said: “I think Victoria Quays is a brilliant part of the city. I call it the ‘Costa Del Sheffield’ it can be 15C down here but feels like it’s in the 20s.
"It is a great little place and is very close to the city centre and to Kelham Island but it doesn’t get as much attention as other areas.”
If the first one is a success the plan is to make it a monthly event – and Bally believes events like this are much needed to help boost the city’s nighttime economy.
He said: “I think Sheffield needs to up it’s game when it comes to the nighttime economy. I was at an event in Manchester and there were six different street food events going on in different parts of the city.
"I was speaking to someone and they said they used to come to Sheffield but not anymore and they were asking what has happened.
"Sheffield was a leader in the nighttime economy years ago but I think it now needs re-focus and re-investment.
"We are not doing enough for the people that are here already, let alone enough to encourage other people to come in from other areas.
"Events like this are all about putting Victoria Quays and Sheffield back on the map.”
The event runs from noon to 9pm and there will also be stages set up for DJs and musicians.