The English Market in the 1980’s
There was renewed interest in the restored market, but the economic recession of the 1980’s had a profound effect on the city and it’s retail traders, including those in the English Market. The number of vacant stalls increased. Difficulties were compounded when a further fire damaged Princes Street Market on 6th January 1986. The fire started in the gallery and destroyed 4 stalls there and another 4 on the ground floor. A portion of the roof was also damaged but the efficient response of the City Fire Brigade prevented any further loss. Over £150,000 worth of damage was caused but the repair work was not as extensive as previously and traders were able to resume business within a short time.
The English Market survived the recession of the 1980’s. However, as had happened in 1973, a new development proposal for the English Market was entertained in 1988, which would see demolition of the Market, and its replacement with a multi-storey car park and shopping complex, with ground floor space for a market area. Again, this proposed redevelopment did not go ahead.