THE CITY of London Corporation, the local authority managing the "Square Mile" financial district, has voted to close Smithfield Market by 2028.
This decision marks the end of nearly 900 years of wholesale meat trading at the historic site near St Paul’s Cathedral.
Plans to relocate the market to a new £800 million facility in Dagenham have been shelved due to rising costs. The decision is expected to save funds and free up prime real estate for redevelopment.
Billingsgate fish market, which was also slated to move to Dagenham, will remain at its current location near Canary Wharf.
Traders at Smithfield Market, who supply butchers, hotels, and restaurants across London, will continue operations until "at least 2028," according to a statement from the City of London Corporation.
"The decision reflects a careful balance between respecting the history of Smithfield and Billingsgate Markets and managing resources for this project responsibly," the corporation said, noting that rising inflation and construction costs made the move unaffordable.
The Museum of London is already set to relocate from the Barbican to a portion of the listed market buildings, which date back to the mid-19th century.
City of London Corporation policy chairman Chris Hayward acknowledged the traders’ cooperation. "We’ve worked closely with the traders and thank them for their input and understanding. We’re committed to making sure they have the financial support and guidance they need to transition seamlessly and successfully to new locations," he said.
Dominic Twomey, leader of Barking and Dagenham Council, expressed disappointment over the decision despite recognising the financial constraints. "We are committed to continue working with the City of London Corporation to unlock the huge potential of the Dagenham Dock site to bring new employment uses and high-quality jobs for local people," he said.
The City of London Corporation announced it would submit a bill to parliament on Wednesday to formalise the decision.
(With inputs from AFP)
