The Well Street Traders and Residents Association have launched an ambitious crowdfunding campaign in a bid to raise almost £80,000 to revive the historic market.
A total of 160 people including the likes of the Mayor of London and Hackney Council have already backed the campaign raising a total of £52,941 with 16 days remaining.
The new market will provide free economic and business training to local creatives and will help nurture young entrepreneurial talent with a new Teenage Market and a Student Makers Market.
Well Street was once part of an old country lane from the 1850s stretching from Shoreditch to Homerton and the banks of the river Lea.
An early trader at this market went on to become a founder of one of Britain's most successful supermarkets, Tesco.
The chain was founded by 21 year old Jack Cohen who started trading from a barrow in Well Street Market in 1919 alongside dozens of other stalls.
Speaking about the campaign, Ian Rathbone, secretary of Well Street Traders and Residents Association (WESTRA), said: "We now have pledges from Tesco, Hackney Council, The Mayor of London, Hackney Joint Estates Charity and Hackney Walk (Fashion Hub) along with countless individuals and other businesses from our community.
"We know from a community-wide survey we carried out last year that people locally want to see this market with stalls and we are hoping to see that happen later in the Autumn.
"It's a way of showing how a market can also be a community hub for expressing community ideas - to celebrate our community, diversity and unity."
The campaign will also fund the purchase of a live music stage and equipment and develop a music mentoring programme as well as a series of bee hives to produce local honey.
To find out more information or to back the campaign, click here. If you’ve enjoyed this article, click on the link below to sign up for more similar stories in your region.
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