The facts

Despite its reputation as one of London’s most deprived boroughs, the 2008 Competitiveness Index revealed that Hackney has the 11th highest average weekly income out of all 407 UK Local Authorities. Hackney’s location next to the City means that many professionals live within the borough.

A recent study estimated that out of every £1 spent by Hackney residents only 14p is spent within the borough, suggesting huge potential for growth in the retail sector.

Hackney’s long-established and vibrant street markets make an important contribution to the economic, social and cultural life of the borough. The Council recognises the importance of the borough’s street markets and has recently committed £1million to improvements in the Ridley Road area.

The southern end of the borough in Shoreditch is developing into a niche retail area, with concept stores such as Nike 1948 and high end boutiques such as Start proving very successful in the area.