Vendors at London’s historic Billingsgate market are concerned for the future of their businesses whilst Smithfield business owners face increasing financial pressure due to congestion.
The City of London Corporation lodged a bill in Parliament in 2022 to relocate London’s historic Billingsgate and Smithfield markets to a new site in Dagenham.
According to the City of London Corporation, the move would have reduced traffic with both markets being housed on one site, and required £1 billion of investment. An estimated 2,700 jobs were promised in Barking and Dagenham, and close to £14.5 billion in revenue was expected to be generated by 2049.
Smithfield markets future is secure
“They’re crucifying the wrong people.”
“We’re strong, very strong. There’s no empty shops. We have 100% occupancy and turn over nearly £1 billion pounds per year.”
Greg Lawrence, senior management at G. Lawrence Wholesale Meat told City News that he’s not concerned about the announcement, “We won’t be leaving Smithfield.”
Unlike Billingsgate, their lease is strong and will be renewed after it expires in 2028. Mr. Lawrence says the market will also benefit from the London Museum relocating in 2026 as the atmosphere in the area will liven.
The future looks bright for the market, but the issues surrounding congestion raises eyebrows. According to Mr Lawrence, “Congestion has crucified the markets. There used to be hundreds on the streets. Now there’s a congestion charge, ULEZ charges, you can’t even go down certain roads without getting fined.”
“In the past you had bands, every café was packed, and the market was swarming with different shops outside”
Vendors at Smithfield highly anticipated relocating both markets to the one site, that Mr Laurence says is close to 110 acres in size. Mr Laurence told City News that “We were all looking forward to it. It would have been fantastic to have all the markets in London in one place to regenerate the businesses and get the public back in them.”
“I’ve poured my entire life into this stall and I don’t know what I’ll do.”
“This will change the industry as a whole”
Angst fills the atmosphere at Billingsgate
The tension amongst vendors in Billingsgate is high. Vendors feel everything is up in the air and have received little information as to what the future holds. The site is due to be repurposed for new housing, and the possibility of relocating seems little to none.
Talks about compensation are underway but the amount has not yet been confirmed. A vendor at Billingsgate who wishes to remain anonymous expressed his concern telling City News, “I’ve poured my entire life into this stall and I don’t know what I’ll do.”
Vendors feel that compensation may not be sustainable, especially for smaller businesses. Many have poured their life savings into the industry and hope that the compensation is suitable, otherwise tough calls will have to be made.
“Everything is up in the air”
Businesses in the market do not feel they are being looked after and are angry at the thought of having to relocated due to the high rents in surrounding areas.
The City of London Corporation provided City News with a statement saying that the decision to move both markets is still under review. “No decision has been made about the future of the Markets Co-location Programme (MCP). The proposed relocation of Smithfield Meat Market and Billingsgate Fish Market to Dagenham Dock has recently been reviewed to determine the next steps and to ensure the financial sustainability of the project.”
“Alternative options have been explored with the Traders and these options, along with any relevant financial considerations, are currently progressing through our governance framework. We will provide an update on the next steps when a decision is made by the Court of Common Council later this month.”
Nearby competitors pleased with the outcome
Councillor Ray Morgan, Leader of Havering Council released a statement to City News saying, “We are pleased however, this will mean the issue around direct retail sales to consumers will no longer impact Romford market.”
Mr. Morgan also states that, “In February 2023, Havering Council petitioned the City of London’s draft bill seeking an amendment to protect Romford Market” followed by a statement explaining how the relocation could “cause a potential loss in trade and business to our historic market”.
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Standfirst
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HeadlineBusiness owners fear the unknown as renowned London markets relocation cancelled
Short HeadlineBillingsgate and Smithfield markets move cancelled
StandfirstThe historic London markets are no longer moving to Dagenham.
Vendors at London’s historic Billingsgate market are concerned for the future of their businesses whilst Smithfield business owners face increasing financial pressure due to congestion.
The City of London Corporation lodged a bill in Parliament in 2022 to relocate London’s historic Billingsgate and Smithfield markets to a new site in Dagenham.
According to the City of London Corporation, the move would have reduced traffic with both markets being housed on one site, and required £1 billion of investment. An estimated 2,700 jobs were promised in Barking and Dagenham, and close to £14.5 billion in revenue was expected to be generated by 2049.
Smithfield markets future is secure
“They’re crucifying the wrong people.”
“We’re strong, very strong. There’s no empty shops. We have 100% occupancy and turn over nearly £1 billion pounds per year.”
Greg Lawrence, senior management at G. Lawrence Wholesale Meat told City News that he’s not concerned about the announcement, “We won’t be leaving Smithfield.”
Unlike Billingsgate, their lease is strong and will be renewed after it expires in 2028. Mr. Lawrence says the market will also benefit from the London Museum relocating in 2026 as the atmosphere in the area will liven.
The future looks bright for the market, but the issues surrounding congestion raises eyebrows. According to Mr Lawrence, “Congestion has crucified the markets. There used to be hundreds on the streets. Now there’s a congestion charge, ULEZ charges, you can’t even go down certain roads without getting fined.”
“In the past you had bands, every café was packed, and the market was swarming with different shops outside”
Vendors at Smithfield highly anticipated relocating both markets to the one site, that Mr Laurence says is close to 110 acres in size. Mr Laurence told City News that “We were all looking forward to it. It would have been fantastic to have all the markets in London in one place to regenerate the businesses and get the public back in them.”
“I’ve poured my entire life into this stall and I don’t know what I’ll do.”
“This will change the industry as a whole”
Angst fills the atmosphere at Billingsgate
The tension amongst vendors in Billingsgate is high. Vendors feel everything is up in the air and have received little information as to what the future holds. The site is due to be repurposed for new housing, and the possibility of relocating seems little to none.
Talks about compensation are underway but the amount has not yet been confirmed. A vendor at Billingsgate who wishes to remain anonymous expressed his concern telling City News, “I’ve poured my entire life into this stall and I don’t know what I’ll do.”
Vendors feel that compensation may not be sustainable, especially for smaller businesses. Many have poured their life savings into the industry and hope that the compensation is suitable, otherwise tough calls will have to be made.
“Everything is up in the air”
Businesses in the market do not feel they are being looked after and are angry at the thought of having to relocated due to the high rents in surrounding areas.
The City of London Corporation provided City News with a statement saying that the decision to move both markets is still under review. “No decision has been made about the future of the Markets Co-location Programme (MCP). The proposed relocation of Smithfield Meat Market and Billingsgate Fish Market to Dagenham Dock has recently been reviewed to determine the next steps and to ensure the financial sustainability of the project.”
“Alternative options have been explored with the Traders and these options, along with any relevant financial considerations, are currently progressing through our governance framework. We will provide an update on the next steps when a decision is made by the Court of Common Council later this month.”
Nearby competitors pleased with the outcome
Councillor Ray Morgan, Leader of Havering Council released a statement to City News saying, “We are pleased however, this will mean the issue around direct retail sales to consumers will no longer impact Romford market.”
Mr. Morgan also states that, “In February 2023, Havering Council petitioned the City of London’s draft bill seeking an amendment to protect Romford Market” followed by a statement explaining how the relocation could “cause a potential loss in trade and business to our historic market”.
