Earlier this year, the sudden closure of Stratford’s Market Village left dozens of local businesses, including clothes retailers, barbers, butchers, nail bars, and eateries, without a place to trade. The market, which had been based inside the Stratford Centre for over 30 years, was closed down after the company running it went into administration, leaving 60 traders and 100 workers in limbo.
Now, Stratford Market Village has had a reprieve, thanks to Newham Council, which has taken on a 15-year lease of the market from landlords Unex. The council has used £700k of funding from Newham’s existing allocation from the GLA Good Growth Fund to underwrite Newham Council’s risks for the first year of the 15-year lease. This funding was “no longer required to deliver the full outputs of another scheme.” Unex has also offered a one-year break clause, after which the council can decide whether to operate the market itself or assign the lease to another market operator.
The news has been met with relief by the market traders, who expressed their happiness at the prospect of being able to reopen their stalls. Samantha Scott, owner of GT Spice Caribbean Takeaway in Stratford Market Village, said, “I have no words to explain how overwhelmed and relieved that someone took us seriously and we can hopefully reopen soon. We are so glad to be back.”
Angie and Ali Akbas, owners of Centre Café, added, “We are absolutely ecstatic about the market reopening soon. It means so much to regain our business of over 20 years back and be able to connect with our customers which we have missed over the past three stressful months.”
The reprieve for Stratford Market Village is a welcome boost for the local community, which relies on the market for its diverse range of goods and services. With the council stepping in to save the market, traders and customers alike can look forward to a brighter future for this historic venue.
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