Billingsgate and Smithfield, two of London’s major wholesale markets, may move from their current location after early proposals identified the Royal Docks’ Albert Island as a potential new site.
The UK’s City of London Corporation, the Royal Docks Team, and market Traders have agreed in principle on the relocation, which aimed to find a new site within the M25 following initial plans set out in December 2024.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The proposed relocation is expected to result in approximately £750m ($1.00bn) in local spending, support more than 2,200 jobs and an estimated £130m in gross value added for Newham.
Over a period of 30 years, the projected economic benefits could be more than double when considering the overall economic impact across the UK.
The relocation depends on the UK parliament passing legislation to discontinue market operations at the existing sites, and requires planning approval from Newham Council before activities can begin at Albert Island.
The Royal Docks Team currently holds planning permission for around 750,000ft² of development at the site, including a new boatyard for London.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAfter last year’s decision by City of London Corporation members to halt a previous planned move to Dagenham, discussions resumed with stakeholders about alternative locations.
Constraints such as traffic restrictions, congestion, and protected status at Smithfield present obstacles for growth at the current locations, prompting most market traders to agree on a unified move.
The remaining traders intend to transfer business activity to colleagues, maintaining all trade operations.
Market operations are set to continue at Billingsgate and Smithfield until at least 2028 while planning progresses for the transition.
Upon completion of the move, the markets will use the names New Billingsgate and New Smithfield.
London business and growth deputy mayor Howard Dawber said: “Billingsgate and Smithfield are two of London’s most historic and well-known markets, employing hundreds of Traders. I am delighted that significant progress is being made towards relocating these businesses to the Royal Docks.
“The Royal Docks is one of the most exciting regeneration projects in London, delivering thousands of new homes and jobs – and it is wonderful to have Billingsgate and Smithfield on board as a key part of our plans for the future.”
According to partners involved, relocating both markets is also intended to maintain food distribution in London and Southeast England while supporting job retention in ports throughout the UK and fostering employment opportunities linked with the fishing sector.
Newham mayor Rokhsana Fiaz said: “Billingsgate and Smithfield are two of the great historic markets that have been feeding Londoners for hundreds of years, and internationally renowned.
“For Newham to potentially be the new home for the markets over at our majestic Royal Docks would be a great honour and testament to the vision we have for our borough as a place to do business and drive inclusive growth.”
