Two of London’s most historic markets, Smithfield Meat Market and Billingsgate Fish Market, will close in the coming years, with operations expected to continue only until at least 2028, according to a report by the Associated Press.
The City of London Corporation, which oversees these markets, has introduced a bill to parliament that would end its responsibility for running them.
A previous plan to relocate both markets to Dagenham, a London suburb, was abandoned due to soaring inflation and construction costs, which drove the project’s budget to an unaffordable £1 billion ($1.25 billion).
Under the new arrangement, the corporation will provide compensation and guidance to traders, allowing them to decide whether to relocate to other London sites independently or as groups.
“This decision marks a positive new chapter for Billingsgate and Smithfield markets,” said Chris Hayward, chairman of the City of London Corporation. He noted that removing the corporation’s direct involvement would enable traders to build sustainable businesses aligned with their long-term goals.
Smithfield Market, with buildings dating back to the Victorian era, has undergone multiple refurbishments, including restoration after a devastating fire in 1958.
Billingsgate Market relocated to the Docklands area in 1982, long before the site became the bustling financial district of Canary Wharf.
Proposals for the future of the sites include transforming Billingsgate into a housing development, while the Smithfield Market building may become a cultural center featuring a new museum.
