St Modwen’s, the developer that planned to redevelop Queen’s Market in Newham, has withdrawn. The 100 year old market was threatened over a several year period with major redevelopment. The Market had approximately 150 stalls, 49 shops and 18 kiosks.
Green Party London Assembly Member, Jenny Jones, said:
"This is a great victory for the residents of Newham. Queen’s market is a successful, thriving and vital resource for local residents.
She added:
"The produce sold here meets the tastes and the budgets of Newham residents in a way that a supermarket never could, especially during this age of austerity. The proposed redevelopment made absolutely no sense and even less now."
Editors Notes
Some key findings from the New Economics Foundation 2006 report ‘The world on a plate: Queens Market’
* Estimated 415,000 visitors each year
* A ‘shopping basket’ exercise of fruit and vegetables were 50% cheaper at the market compared to a high street supermarket
* 80% of customers said the market sold goods not available elsewhere
* It generates £13 million for local economy, with £9 million spent on food
* Delivers twice as many jobs per square metre as food superstores
* Encourages entrepreneurs. Quarter of traders started over the last five years, half have traded over more than ten.
* Provides a fertile environment for black and minority ethnic entrepreneurs