The Smithfield and Billingsgate food markets in London are set to be transformed into residential areas and cultural centers under plans from their owners. However, the future of the meat and fish traders located at each site is uncertain. A council within the City of London Corporation has voted to oversee the regeneration of 28 hectares of land across Greater London but has not allocated additional funds for the project. The Corporation previously voted to permanently close Smithfield and Billingsgate, citing rising costs as the reason. The markets will continue to operate at their current locations until 2028. The City of London Corporation, known for its wealth compared to typical UK local authorities, has faced criticism for their decision to close the ancient food markets and develop the sites. They have offered compensation to the traders and assisted them in finding new locations. The redevelopment of the sites is expected to contribute billions of pounds in economic growth, create new jobs, and provide additional housing. The City of London Corporation plans to create a cultural hub at the Smithfield site, with the London Museum relocating part of its operations there. Traders have expressed mixed opinions, with many believing that the markets have outgrown their current locations. The Billingsgate site, close to Canary Wharf, is earmarked for the construction of 4,000 new homes. The corporation’s new team will oversee the redevelopment projects and work with local representatives. Despite the ownership of Smithfield and Billingsgate by the City of London Corporation, the closure of the sites can only be authorized through a private bill passed by parliament. Opposition to the closure, particularly from fishmongers who depend on Billingsgate for their businesses, has complicated the process.
Source: https://www.theguardian.com/business/2025/jun/28/smithfield-billingsgate-market-redevelopment-plans-traders-city-of-london-corporation
