A report commissioned by the City of London Corporation has found that the Billingsgate market move will have a “minimal impact” on food supply in London and the south east.
The report was prepared by global data and AI consultancy Artefact, and was published ahead of a City of London Corporation Policy and Resources Committee meeting on Thursday 13th February.
The City of London Corporation said that the report was the product of engagement with the Smithfield Market Tenants’ Association (SMTA) and the London Fish Merchants’ Association (LFMA), customers, suppliers and stakeholders.
It said that the current Billingsgate and Smithfield sites had:
- Limited trading hours
- Less efficient logistics capability
- Outdated infrastructure
The report concluded that the sites did not meet the demands of a modern wholesale food market serving a global city. It claimed that increasing traffic restrictions, congestion and other practical considerations such as constrained sites (in the case of Smithfield, a Grade II listed site) mean traders are “unable to grow and prosper” by staying in the present locations.
It was also reported that around 80%-85% of transactions at the markets were already conducted off-site via phone and digital platforms, meaning customers’ reliance on physical locations had “significantly diminished”. Suppliers underlined the potential benefits of the markets relocating to modern purpose-built premises, which can “improve delivery times, access for suppliers, and lower costs by reducing congestion charging”.
“We will take care to ensure new plans for the area will reflect the history of the markets.”
Policy chairman of the City of London Corporation, Chris Hayward, claimed: “This comprehensive, independent study clearly demonstrates that the planned markets move from their existing sites is supported by traders, will allow them to grow at more modern facilities and will have a minimal effect on food supply.
“The City of London Corporation’s vision for the future of Smithfield and Billingsgate is not just about enabling the traders to relocate their businesses, unlocking a new era for these historic markets; it is also about creating a thriving, sustainable city that respects its past and shapes the future. The current market sites provide exciting opportunities to revitalise these historic areas of London. We will take care to ensure new plans for the area will reflect the history of the markets.
“Our exciting future plans will create thousands of jobs; new homes for Londoners and contribute billions of pounds in economic growth for the UK.”
The Court of Common Council voted to end the planned move of Billingsgate and Smithfield markets to a new location in Dagenham in November 2024. This decision, which the Corporation claim was made with full support from traders after extensive consultation, reportedly reflects the City’s commitment to respecting these markets’ legacy while balancing tradition with progress. Traders are receiving financial support to enable them to move to new locations of their choosing.
At Billingsgate, 90% of traders plan to relocate to a single site, with the rest still considering their options. At Smithfield, 70% agreed to move to a new site within the M25, with the remaining 30% intending to transfer their business to others to ensure that 100% of trade continues seamlessly.
