Gentrification damaging enterprise in Camden Market

By Lisa Woods

Long standing stallholders are leaving London's Camden Market after billionaire owner makes changes to trader policy and rent.

Teddy Sagi, a successful tech entrepreneur, bought Camden Market in 2014 with plans to develop it in order to increase visitor attention.

However, his approach has divided opinion, with some believing his developments are destroying Camden’s quirky culture. Jay Cerniglia, who started working on Camden Market in 2004 selling action figurines, had to close-down her stall last year. She blames Teddy Sagi: “A lot of small traders are being phased out due to increase in rents. As soon as that shop closes, they get new owners and the store gets incorporated into Teddy’s brand. People’s business ideas have been stolen from them.”

In the past, Camden’s market traders have protested the developments. Jay Cerniglia says that following on from the protests however, people were silenced: “People who have talked out about it have been instantly kicked out of the market.” She explains: “After the protests, they forced us to sign a document which allows the developments to go ahead. The contractors don’t give any guarantees so anybody can be kicked out without notice. The rents can be increased even by 50% or more within a couple of weeks. It’s a bit like mafia stuff.”

Businesses in Camden Market currently provides 275,000 jobs. Photo courtesy of George Rex

As well as smaller traders closing down their shops, bigger businesses in the market have also moved out. Last year, acclaimed restaurant and bar Gilgamesh closed their doors, followed by Proud Gallery and nightclub.

Despite criticism over Teddy Sagi’s approach, the billionaire tech tycoon believes that his vision of Camden will bring in more visitors. Sagi has unveiled plans to build a large retail centre on Hawley Wharf’s canal-side, which neighbours Camden Market. The 580,000sq ft development, which is set to open this summer, will feature shops, cafes and restaurants, offices and flats.

CGI of the new development on Hawley Wharf (east side). Photo courtesy of Lab Tech

Chen Moravsky, the CEO of Teddy Sagi’s company Lab Tech and who was also previously head of operations at Camden Market believes that the development will not shake Camden’s aesthetic. He says the company “shares the locals’ passion to keep the market’s ethos in place for generations to come.”

Camden Market is already one of London’s biggest tourist attractions, bringing in over 100,000 visitors each weekend. Teddy Sagi predicts that these numbers will increase by 50 million per year as a result of the new retail park, as well as creating jobs for the local community. Watch protesters marching against the gentrification of Camden back in 2015