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Market where Tesco started set to close... thanks to Tesco
Last updated at 11:52am on 18.04.07The market in London where Tesco was founded in 1919 is facing closure - with the street traders there blaming the supermarket giant.
Well Street market in Hackney where Sir Jack Cohen first started selling groceries alongside dozens of other stalls now has only three pitches left.
Locals are claiming the relentless expansion of Tesco, which announced record £2.5 billion profits yesterday, has caused the demise of the once thriving east London site.
Full circle: Well Street market has been hit by the arrival of a new Tesco Metro (below)
Martin Wiles, whose family have owned a fruit and veg stall on the market for more than 50 years, believes a Tesco Metro store on Well Street has steadily wiped out the competition.
Mr Wiles said: "When I started 35 years ago there were 50 stalls on a Saturday - last week there were two.
"Just like high streets across the country, a supermarket has killed it for independent traders like me. It rips the heart out of a community. The difference here is that this market is where it all began for Tesco."
The new Tesco Metro near Well Street market
Sir Jack started his business with £30 after leaving the Royal Flying Corps after World War One.
The company, which now has a 31 per cent share of the British grocery market, opened its first store in Edgware in 1929. The Well Street branch opened in 1970 and is one of 2,672 stores.
Mr Wiles, 51, from Romford, said: "I remember Jack came down to open it. I suppose he wanted to come back to where it all began."
Tesco chief executive Sir Terry Leahy has defended the chain's expansion and plans to increase its non-grocery lines. Sir Terry said: "When a Tesco store opens, shops around it do better rather than worse."
Reader views (3)
Well Street was my local market from 1955 to 1976. It was a rich, vibrant community - prices were low and affordable and quality was excellent. How sad to see what has happened.
- Diane Goldman, London
How is this Tesco's fault? The shoppers have voted with their feet and their pounds. Everyone bemoans a small shop's closure as they walk past it on their way to Tesco. Big stores offer more choices at better prices and regardless of what people say in surveys, most people shop at the Tescos of the world and want other people to support the little stores for local color and interest.
- R M, London, UK
The Well Street traders ought to look upon this as an opportunity - look ahead not back. Now that this new Tesco store is available there is no need for ANY market stalls or even other shops. They could redevelop the area with housing and raise the whole value of the area.
- Patrick, London
