Broadway Market has been held back by a council that is reluctant to recognise its success, claims the man responsible for the running of the popular street.
Andrew Veitch, director of Broadway Market projects has accused Hackney council of squandering opportunities to rake in even more cash for the already bustling market.
The food and antique treasure trove between Regent’s Canal and London Fields, is undergoing a regeneration project to bring the road up to the same level as the pavement. Trees will also be planted along the road and new cycle parking stands installed in a bid to make the street friendlier for bikes and pedestrians.
However, according to Mr Veitch, the work should have happened years ago and would have taken place had the council department been enthusiastic about redeveloping the market.
He said: “It sees its role as a regulator. It doesn’t see it as enabling street markets to thrive.”
Mr Veitch claims that the market adds millions to the Hackney economy and ensures that shops in the surrounding area that would otherwise fail can remain open.
He explains: “Some of these shops wouldn’t survive without a market. It’s not just a marketplace. It attracts people who then come back and spend. It’s making the area a destination, reviving a local high street.
“Nationally, for every one pound someone spends in a street market, they spend £1.75 in the shops in the same street. Two years ago consultants who looked at Broadway Market came up with the figure that it was generating £1.9m in gross income across the borough.”
The market dates back to 1900, when entrepreneur Fred Cooke started selling jellied eels to shepherds driving their flocks to the City of London.
By the 1980s, it was in a state of disrepair, as a recession and planning chaos caused the street market to all but close. Efforts to restart things failed, until volunteers were able to revive the market in 2004.
Now the market, held every Saturday, is thriving. Mr Veitch added: “Footfall has gone up tremendously. We probably get about 6,000 on a decent day, and more than that in a busy summer when the tourists come as well.”
The current regeneration project began on 6 February and will last until the end of June, when the market is set to welcome thousands of extra visitors thanks to the Olympics.
Councillor Feryal Demirci, cabinet member for neighbourhoods, said: “The improvement scheme will create a safer, more pleasant environment that is sure to benefit all who live, work or visit the area.”
