Why It Matters Markets
Summary
We have mapped the number and type of Markets located around your postcode. By Markets, we mean everything from the iconic trusses and decadent cheeses of Borough Market, to the industrial buzz of the wholesale meat trade at Smithfield Market to the small monthly farmer’s market in your local park. Although any market will affect the feel of your neighbourhood, different types of markets will have different social and economic impacts on the surrounding area. Accordingly, we have identified both the number and the type of markets near you.
Definition
Markets comprise two or more commercial stalls, hosted by traders selling specialist or general goods.
Interpretation
We have highlighted all markets within your selected postcode and displayed them as points on the map. If you’d like to know more about the market(s) then simply click on one and you will see the following additional information: the market’s full name, its postcode, longitude and latitude; infrastructure (if it has a dedicated market space, an open-air market, or a street market); operating times (if it’s open regularly, weekly, monthly, or if it’s seasonal); the significance of the market; the main type(s) of goods provided at the market; and the market’s website, if there is one.
Why the metric matters from a commercial inhabitant’s perspective
The presence of a market in your neighbourhood typically represents local economic activity, often attracting tourism and non-local trade. For traders selling specialist goods, locating in or near a relevant specialist market may offer agglomerative benefits. It can attract increased footfall and non-local trade, as well as an opportunity to foster connections with both partners and competitors.
Markets pitches may also be attractive for commercial inhabitants due to their low rents. Renting a market pitch is generally much less expensive than renting a traditional commercial property in the same area, which means that there are lower barriers to entry for smaller traders.
The flexibility of market-based businesses also makes it possible to trade at different locations on different days or during different seasons, or to respond more quickly to new property market constraints or opportunities. As a result, a market-based business model offers specialist goods providers the potential for faster growth than traditional, fixed location units.
Street markets can also foster and incubate new, emerging, and innovative businesses, as the high levels of footfall and commerce associated with market can accelerate brand exposure, visibility, and trade. This opportunity for wide exposure can be crucial for traders who are just beginning to establish themselves.
Why the metric matters from a residential inhabitant’s perspective
The presence of a neighbourhood market, either indoor and outdoor, typically corresponds with a high level of street activity and liveliness. The general hustle and bustle of market spaces gives these areas a more “urban” feel, and often includes significant noise in addition to heavy foot and vehicle traffic at street level.
The presence of local markets can be an attractive feature for residents, as they may offer a wide range of goods sold at more competitive prices than in the ‘Big 6 supermarkets’. Markets also give locals the opportunity to source specialist goods and to make connections with loyal traders or other regular customers, fostering a feeling of community. Moreover, the flexibility of local markets often makes it possible for them to support the needs of a constantly-evolving neighbourhood community.
On the other hand, areas with major established markets – both covered and street markets - are often attractive destinations for tourists. While this brings vibrancy and economic activity for visitors and commercial inhabitants, it can be seen as a detriment for residents who would prefer a quieter and more community-centred neighbourhood.
Borough Market is one of London’s longest running and best known (Photograph: Rob Qld, Wikimedia Commons)
General commentary
Markets have long played an important role in shaping the social, economic, and cultural fabric of London, providing a gathering and mingling point for a wide variety of people and economic activities.
There are over 100 street markets across London today, with some dating back hundreds of years and with other market stalls passed down through many generations of a single family. More recently established markets, such as the Lower Marsh Market near Waterloo, have played an important role in rejuvenating otherwise under-visited or historically deprived areas of the city.
Street markets, both long-established and temporary, are often home to a rich variety of multicultural vendors, and they function as sites of cultural exchange that make urban living interesting.
London’s major wholesale markets, including Smithfield, New Spitalfields, and Billingsgate also have a unique impact on the neighbourhoods that surround them. Even for those who are not directly engaged in the wholesale food trade, the areas around these markets have developed to provide an interesting range of pubs, bars, and cafes for the workers, traders, and consumers on site during late evening and early morning hours. This can make the neighbourhoods around these markets lively and characterful areas to visit even outside of the markets themselves.
Trivia
Borough Market is often considered to be the oldest (still-operating) market in London, dating back to 1014 or possibly even before. It moved to its current location, next to London Bridge Station, in 1756.
History
For the majority of London’s history, markets have played a central role in distributing goods from producers to consumers. The first record of a London market dates back to Roman times, when goods such as olive oil were sold near the Forum.
Markets played a particularly important part in food distribution, providing a space for trade between farmers and consumers in and around the city before the Industrial Revolution. Many of London’s oldest and most significant covered markets continue to pay homage to this tradition of food distribution, with a focus on food products at landmark sites such as Borough Market.
Historically, markets were known as a home for both economic exchange and insalubrious activity. A passage from Charles Dickens’ Oliver Twist depicts the scene at Smithfield Market in the 1800s as one dominated by chaos and vice: “Countrymen, butchers, drovers, hawkers, boys, thieves, idlers, and vagabonds of every low grade, were mingled together in a dense mass: the whistling of drovers, the barking of dogs, the bellowing and plunging of beasts, the bleating of sheep, and the grunting and squealing of pigs; the cries of hawkers, the shouts, oaths, and quarrelling on all sides, the ringing of bells, and the roar of voices that issued from every public house; the crowding, pushing, driving, beating, whooping and yelling; the hideous and discordant din that resounded from every corner of the market.”