Plans to transform Tooting Market into “the Camden of south London” have met with bitterness from traders after their rent rose by up to 20 per cent.

The market, in Tooting High Street, was bought by West Sussex-based Palas Properties last month, which hopes to attract more “trendy” and creative businesses.

Rent increases are helping to refurbish the site, which is almost half empty, but stall holders warn some businesses will be forced to close.

Daniel Stannard, 42, a butcher at Stannards of Tooting, said: “My family have been trading here since 1966. I’ve worked here since the age of 17.

“I have a family and I have bills to pay every week. If they keep hiking up the rent, businesses will have to leave.”

The new owner has hired Roi Mengelgrein, an American consultant who has helped transform Camden’s Stables Market over the last ten years.

He hopes to compete with big name stores like TK Maxx and Primark by giving the market a more modern feel and keeping it open on Sundays.

New signs drafted by Camden designers have been ordered, as well as large boxes of flowers for decoration.

According to stall holders, business has decreased by up to 50 per cent in the last ten years - with a third of the site already abandoned.

Mr Mengelgrein said: “The whole idea is to make this the Camden of south London. I’m using all of my contacts in Camden to turn this place into a really up and coming market.

“There must be local designers here that make their own stuff. Creative people.”

The rent hikes were negotiated last month, with another review planned in April.

Speaking in the owner’s absence, Mr Mengelgrein said this was the first rent review in four years and that most traders had increases of less than 10 per cent.

Local MP Sadiq Khan said: “In this difficult economic time, I would hope landlords would be sympathetic to the plight of market holders.

“Tooting has had local markets for decades and is and important part of our town centre.

“We don’t want any more vacant stalls.”