Two of London’s infamous markets, Smithfield, which sells meat, and Billingsgate, which sells fish, are set to close after over 800 years of operation, with plans to cease trading by 2028.

The City of London Corporation has decided to end its role in managing Smithfield and Billingsgate Fish Market, citing escalating construction costs and inflation as key factors that made the planned £1 billion relocation to Dagenham unaffordable. Additionally, a notable decline in the consumption of meat and fish played a crucial role in the decision against relocating the markets.

On Tuesday, the Court of Common Council, the primary governing body of the City of London Corporation, voted to discontinue its management of the Smithfield and Billingsgate market sites. In 1327, Edward III granted the City of London Corporation the authority to operate Smithfield and other wholesale food markets.

Smithfield’s foundation dates back to the 12th century, making it one of the oldest markets in Europe. The current site of the market, which opened in 1868, was constructed in the 1860s under the architectural guidance of Horace Jones, who is also credited with the design of the Billingsgate redevelopment in the same century. The UK’s largest inland fish market, originally at Billingsgate, was relocated to its current location in Canary Wharf in 1982.

In place of the meat and fish markets, the City of London Corporation plans to develop the Smithfield site into a mixed-use cultural space, including the new home for the Museum of London. This project aims to preserve the historical essence of the area while repurposing it to meet modern needs. Similarly, the Billingsgate site is expected to undergo transformation into a housing development, part of a broader trend of urban regeneration aimed at revitalizing and making better use of prime urban spaces.

The City of London Corporation has committed to providing financial compensation to traders at the markets, allowing them to maintain their operations until at least 2028. Reports from the Times suggest that the total compensation might exceed £300 million.

In the 1950s, market traders at Smithfield processed and sold approximately 400,000 tons of meat annually. Today, that figure has significantly reduced to about 100,000 tons. Billingsgate has been operational since the 16th century and currently handles around 25,000 tons of fish and fish products each year.

Animal rights activism at Smithfield Market has been a significant force, reflecting broader societal shifts toward plant-based diets and ethical considerations regarding animal welfare. In one notable instance, more than 500 members of Extinction Rebellion’s subgroup, Animal Rising, transformed Smithfield into a vegan market by setting up fruit and vegetable stalls, demonstrating a vision of a future plant-based food system.