Ridley Road traders are back up and running – but uncertainty remains

Fatimata owner of Bedding Outlet at Ridley Road Shopping Village. Photograph: Tamara Stoll

Traders have moved into their newly refurbished units at Ridley Road Shopping Village, but with the second phase of works yet to begin many have been left in doubt over their future.

Ridley Road Shopping Village, tucked into the ground floor of the 1960s’ building at the centre of the market, is currently undergoing refurbishment works that were given the thumbs-up by Hackney Council in 2022.

At the time, campaigners hailed the move as a “victory” which would “end years of uncertainty about the future of small businesses trading in the indoor shopping village”.

But three years later, with the second phase of refurbishments yet to start, the mood amongst traders has turned sour.

Iziz Williams, who sells a range of streetwear from the mouth of the building, told the Citizen: “The refurbishment has made the market look much nicer and it is attracting customers. But our rent went up as soon as we moved back in. It shouldn’t have gone up already.”

Mr Williams described a strained relationship between traders and their landlord, Rainbow Properties, part of Larochette Real Estate Inc.

Trader Iziz Williams in his store at Ridley Road Shopping Village. Photograph: Tamara Stoll

He said: “They don’t communicate with us unless we reach out to them, and that’s [the same] for everyone. We’re in an environment where there can be issues with lights, or water leaks, and if we don’t ask for help we have to do it. Up until a year ago, we were maintaining the building ourselves.

“Once the refurbishment is completely done, hopefully they will get some new traders in to attract more business.”

Moving inside the building, traders become increasingly more frustrated by the refurbishments’ effects on their business, with some citing a 75 per cent decrease in footfall leading to a steep drop in profits.

Elie has run his furniture business, Matmous Furniture, out of Ridley Road Shopping Village for two decades.

Speaking to the Citizen, he said: “The market is not like it used to be. Sales are going down and we don’t get the customers we did before.”

The design of the building’s new ground floor has been criticised by traders.

With white walls jutting out and empty units used for storage, many say their businesses have been “blocked off” from potential customers shopping along the main thoroughfare, describing their new workplace as a “building site”.

Elie said: “It’s stopped everyone coming in and we’re not being listened to, but our rents are still going up.”

Traders are hopeful that the refurbishment works will finish soon, with calls for a cafe space to act as a community hub and more signage outside the building to entice customers.

But for Elie, the future of the market seems in doubt.

Pointing outside to a thin straggle of shoppers, he said: “Look at what has happened – this used to be the best market in London.”

David, owner of Mr Clarks at Ridley Road Shopping Village. Photograph: Tamara Stoll

Ridley Road Market has been an East London institution since the late 1880s, embodying the area’s rich history of immigration and cultural diversity – sometimes being at the forefront of it, as it was in 1947 and 1949 when it was the site of clashes between Oswald Mosley-led fascists and the primarily Jewish anti-fascist 43 Group.

The market’s traders and customers have shifted with the decades. In the 1940s and 1950s, it was predominantly Jewish. In the 1960s and 1970s, it attracted Caribbean immigrants. Later, it became a patch for Turkish and Greek communities.

Over the last two decades, Hackney has undergone a major transformation. According to recent ONS data, average property prices in Hackney have more than tripled over the past 20 years.

However, new data shows more than 40 per cent of the borough’s children are living in poverty – one of the highest rates of child poverty in the capital.

Doubt was first cast upon the market’s future in 2016 when Ridley Road Shopping Village was purchased for £6.5 million by Larochette Real Estate, an off-shore company registered in the British Virgin Islands.

The company has repeatedly sought permission for redevelopment into “high-quality” flats, offices and shops, met with fierce community protests and campaigns causing a climbdown from the developer which instead launched the refurbishment.

As part of the refurbishment deal, Hackney Council committed to taking on a 15-year lease of the property, being responsible for its management after refurbishment works finished and – significantly – declaring it an Asset of Community Value, safeguarding it against future development.

A Hackney Council spokesperson said the local authority recognises the concerns raised by traders and understands the challenges they have faced in recent years.

She said: “Ridley Road is home to one of Hackney’s most iconic and culturally important street markets, and the council is proud to manage a place that continues to attract traders and visitors alike. Our continued investment in the street and support for market traders plays an important role in helping the market to thrive.”

But as traders await the lease transfer, they say they have received little support from the council to advertise the market or help them negotiate with their landlord, leaving feelings of uncertainty.

A number of traders also referred to the council as “hostile”, saying they have blamed the market for anti-social behaviour in the area, and that it is overseeing the “managed decline” of Ridley Road.

Tamara Stoll, who works in a photography studio on Ridley Road, helped set up the campaign to Save Ridley Road Market in 2018.

She told the Citizen: “Traders at Ridley Road Shopping Village have kept their businesses going in the face of eviction threats and long-standing neglect by an off-shore registered landlord, who planned to turn the building into luxury flats. In response, traders and local residents united under Save Ridley Road to fight back — and we succeeded.

“Since 2022, indoor market traders have endured disruptive, prolonged refurbishment works. Now, with Hackney Council set to take on the lease of the indoor market once renovations are complete, we call on them to be responsible landlords — to support, promote, and protect the small businesses that have worked so hard to survive, and who now deserve the chance to thrive.”

Newly-refurbished: Ridley Road Shopping Village. Ridley Road Shopping Village. Photograph: Tamara Stoll

A Hackney Council spokeswoman said they are working with the commercial landlord to make the much needed improvements to the site, and Dalston’s local police team to tackle the long-running community safety problems around the shopping village.

She said: “The council is committed to continuing its work with all partners to make Ridley Road market a safe, welcoming and thriving market for everyone, supporting all who work in it and all those who visit.”

Rainbow Properties has been approached for comment.