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The number of stalls at Romford market has dropped by almost a third in the last three years.It鈥檚 a trend that鈥檚 been seen at markets across the capital as supermarkets offer ever cheaper prices.

Latest figures show that markets in Waltham Forest have seen a 40 % drop in the number of stalls at their markets, and Tower Hamlets has seen a reduction of around 50 %. The exceptions to this trend are Whitechapel and Bethnal Green, where business is still booming.

Councillor Mike Armstrong, who is leader of Havering council says it鈥檚 happening across the country.

鈥淚t鈥檚 not just Romford Market, it鈥檚 a national phenomenon. If you actually look there鈥檚 a lot of 99p stores now, you鈥檝e got Primark etc鈥� and they're obviously challenging the market business鈥� he said.

But now traders in Romford are fighting back. They say they can offer a high quality alternative to supermarkets and the high street at less than half the price.

Steven Pearce runs a fruit and vegetable stall in Romford. He and his fellow traders are hoping that as people start to feel the economic pinch, they'll start to look away from the high street and supermarket chains for bargains. And Steven says there are definitely bargains to be had in Romford:

鈥淚 think at the moment with this recession [the market鈥檚] probably gonna come back quite strong鈥� he told me.

鈥淧eople are getting a bit wary of the supermarkets, and people are beginning now to look at prices. I鈥檝e got better stock and it鈥檚 75% cheaper than the supermarkets.鈥�

Steven and his fellow traders are hoping that as people begin to feel the pinch of the current economic downturn, they鈥檒l start looking for bargains.

So what do you think? Is shopping at markets something you'd consider doing as you tighten your belt during this economic crisis? Perhaps you have other tips on how to make the pennies stretch further? Email me with your thoughts, and how the credit crunch is affecting you at lebo.diseko@bbc.co.uk

To watch my report on Romford market in full click on the box at the top of this page