The Covent Garden Market Authority (CGMA) has reported higher occupancy, increased tenant turnover, and continued progress on the redevelopment of New Covent Garden Market during the 2025-26 financial year. The report shows Phase 4 of the redevelopment was completed, with the new Buyers’ Walk opening in January 2026, while Phase 5 is now underway. Final tenant relocations are expected to be completed by August 2028.
Core trading area occupancy increased to 96% as of 31 March 2026, compared with 91% a year earlier. Occupancy in the Fruit and Vegetable Market rose to 97% from 90%, while the Interim Flower Market remained fully occupied. The Food Exchange occupancy declined to 74% from 93%. The market is home to 130 businesses, whose combined turnover reached £1.079 billion, up from £934 million in 2024-25.
CGMA reported total trading revenue of £18.5 million, up £1.8 million year on year, while total revenue increased to £27.9 million, supported by higher tenant recoveries and grant income. Operating profit before redevelopment activity increased to £9.4 million, compared with £0.9 million in the previous financial year. Rental income rose to £4.9 million.
Capital expenditure of £5.9 million was invested in completing Phase 4 of the redevelopment. The redevelopment covers an estimated 15.4-hectare site and is designed to provide modern facilities for the market’s 130 businesses and more than 2,000 employees. The project is also releasing an estimated 7.3 hectares of surplus land for residential and mixed-use development.
The report states that demand for space has remained steady despite wider pressures affecting the food, flower, and hospitality sectors. As redevelopment progresses, CGMA expects the completion of the remaining phases, including the permanent Flower Market, to support the market’s role in supplying fresh produce and flowers to London and the South East.
To view the full report, click here.
