They told The Recorder that increases in rent prices might push them out of Market Village – which is home to more than 60 businesses and 100 workers inside The Stratford Centre.
They also fear that a lack of working facilities on the site, such as a public toilet and air conditioning, is hampering the number of visitors shopping there.
These concerns come just a year after the site was saved from permanent closure by Newham Council.
Market Village was suddenly closed on January 10 when its leaseholder Stratford Market Properties Ltd went into administration.
Following months of talks with traders, the council signed a 15-year lease for the site, including a one-year trial period, with Unex Group Holdings Limited.
Muhammad Awais Amjad, whose technology business Connect has been in the market for 22 years, said: “During the Christmas period [of 2023], the market was thriving due to local marketing events – it was the busiest it’s been since Covid.
“So, imagine recovering from the Covid ashes, making plans for the future, and then being shut down.
“It is tough for my neighbours now, I hear their stories and they are really struggling.”
He alleged that the council has “broken” some of its promises to the traders over the past year.
This includes an alleged increase in rent since the re-opening, wherein he claimed traders are now charged the equivalent of the previous rent and service charge as their new baseline rent price, with an extra service charge added on top.
Muhammad said: “We have been treated unfairly and highlighted it to the council.
“The facilities are an ongoing issue, and so are the unfair service charges.
“[Newham Council] do rent reviews but honestly it’s a shambles.”
A council spokesperson said it has been consulting with traders as part of a rents review.
They added: “This process is ongoing and is due to conclude at the end of this year.
“The service charges we have introduced are fair and transparent and have led to improvements in the market operation, including longer opening hours.
“The council has invested £300k into the market so far through capital works and will continue to undertake improvements to ensure it is a safe place to work and visit.”
Other business owners spoke to us but did not want to give their surnames.
Co-owner of Your City Exchange in Market Village, Gaelle, said: “Since the re-opening, businesses have been very, very badly affected.
“A nearly five month-long closure is long – our main customers didn’t know that we were back in business.
“For nearly a year, we have been paying rent from our savings and not from the money made here.
“We spend all our money on rent and have nothing for ourselves.
“I am ready to close at any given time.”
Gaelle urged the council to improve its advertisement of Market Village to increase visibility for customers and oversee a decline in rent prices.
Speaking about the importance of the shopping destination, Gaelle said: “We represent the London community in all its diversity, and that’s what makes it interesting.
“We have been here for decades – the service here is personalised and we care about each customer.”
Market Village was founded in 1974 and has operated from various sites across Stratford before moving to its current location in Stratford Centre.
A petition launched by traders last year as part of their campaign to save the site described Market Village as a “piece of our local history and culture that we hold dear”.
Other businesses within Market Village also told The Recorder that increased financial pressures have meant that they worry they will have to shut up shop for good soon.
Baby, owner of cosmetics shop Brush Europe, said: “Everything has gone from bad to worse.
“As you can see, it is very quiet and nothing has been done to let people know that the stores are open.
“It was much better before the closure.”
She said she is 95 per cent sure that she will have to close if business does not pick up.
When asked about the significance of Market Village to the local community, Baby said: “Unlike Westfield or big malls, we have a bond with our customers.
“Some people want to buy a few little things or just have a chat.
“They must try and keep this fire burning because our presence here gives life to some people.”
She claimed that her business is regularly stolen from, and she hopes that more security can be put in place.
George, who owns Jumeira Perfumes, said: “The rent fees and charge fees are out of the roof – that is the sad truth.
“The traffic has dipped, and that is why a lot of traders find it difficult these days to run a successful business.”
A shopper at the site, who wished to remain anonymous, said: “It’s a family business, a community.
“It’s been here for a decade.
“Anyone from Bow, Tower Hamlets, all the way up to Barking and Ilford – everyone who is local comes here.”
In a statement to The Recorder, Unex Group Holdings Limited confirmed that it has charged the same rents to Newham Council since it was granted the lease over Stratford Market Village.
Unex stated that the council is responsible for setting rent and service charges.
