New Covent Garden Market has unveiled further details of the redevelopment project that aims to tap into consumer interest in food security, provenance and traceability.

Covent Garden Market Authority is currently overseeing major redevelopment proposals to upgrade facilities and boost the market’s stature in London.

The upgraded market will aim to replace outdated facilities, improve supply chain links, contribute to a reduced carbon footprint and act as a catalyst for rejuvenation of the local area.

“A new modern market will allow for growth and an expansion of the product range, providing a composite market or ‘one-stop shop’, making more efficient use of the market site,” said Jan Lloyd in the market’s annual report.

CGMA is currently awaiting approval from owner Defra to issue a tender for a development partner. The aims of the redevelopment are to create a centre of excellence for food and flower-related activities and strengthen the quality of trade in the market.

“Our redevelopment project recognises that the market’s current 35-year-old facilities do not reflect the future needs of our tenants,” said chairman Brenda Dean. “As food becomes more important on the government agenda and consumers show greater interest in the quality and sourcing of their food, there is a greater role for the market and our tenants.”

NCGM reported turnover for the year to 31 March was up 7.5% to £602m, with pre-tax profit up 66% to £905,000. Trade in the wholesale distribution business rose by 17% in the period, while the fruit and vegetable market increased sales by 0.5%. However the flower market reported a 5.3% decline, with a number of companies ceasing trading due to the tough competitive environment.

CGMA hosted A Celebration of Local Food in February and A Celebration of London Floristry last October. More such events are planned for the future.