Traders have hit out at continued uncertainty amid "ongoing discussions" into the future of the Victoria Centre market in Nottingham.
Rumours began to circulate shortly before Christmas that the market, which opened in the shopping centre upon its completion in 1971, was in the running to be sold.
It is now understood Nottingham City Council and the centre's asset managers, Global Mutual, have commenced discussions concerning its future.
The market has 200 stall units, but just 33 are currently occupied by 31 traders.
During the first coronavirus lockdown, while the market was closed, rent for the stalls was paused.
This had to be paid back, with many traders owing thousands, and the council offered a flexible repayment scheme to allow them to do so.
Claire Fisher, of the city's iconic Mushy Pea Stall, said: "There are a lot of people who do still use the market so there would be a lot of sad people. There are a lot of traders who have been trading for a long, long time. It has always been in Nottingham.
"The rents are so high. It is half price for the first six months and then they [the traders] leave because it is too expensive. It is a losing battle."
Stephen Taylor and Sharon Manning, who run the popular Aladdin's Cave store which has been trading since the Victoria Centre first opened, told Nottinghamshire Live: "The council seems to do everything behind our backs.
"I'm 52 now and I've been here most of my life. Would I be able to retrain at this age? We were told about this rumour two days before Christmas. It's just the uncertainty."
And Nick Clark, of Cobblers and Keys, believes a lack of investment when the market was thriving in the past has led to the current discussions.
He, and as others have before him, criticised the council's use of cash on failed projects, rather than supporting long-standing ventures such as the market.
He says high rents, some of which surpass £1,000 per month for a small portion of floor space, have prompted a lack of interest.
"They have had fortunes out of this market in the past, but that has not been reinvested," he added.
However Liz Clark and and Ian Timothy, of the Lizian Crystal and Incense shop, say they have been doing very well and praised the council's support.
"When you have constant talk that this market is being sold and closed down, that inspires no one to come and work here," Mr Timothy said.
"Why on earth would you want to run a stall with the Sword of Damocles hanging over you?"
"That also affects the number of visitors coming in. There are people such as ourselves who have a very positive attitude to this market. If you were someone who did not have a tenacious attitude you would not want to invest."
Ms Clark said it is important to emphasise many stalls remain popular and open for business.
She added: "For 20 years we've heard these rumours and nearly 20 years later we are still doing well."
Nottinghamshire Live now understands discussions as to the future of the market, for which Nottingham City Council still holds a 50-year lease, are currently taking place.
But rumours which suggested it was to be sold to H&M are incorrect, it is understood.
In 2014 intu introduced increased and recalculated service charges, and the council had been running the market at an annual trading loss ever since, having offered to subsidise the costs.
Its commitments totalled more than £1.5m before it announced it would no longer be able to continue subsidising these costs.
A city council spokesman said: “The council is currently in ongoing discussions with the asset managers of the Victoria Centre, Global Mutual, about Victoria Market which we have responsibility for.
"Whilst these discussions must remain confidential for commercial reasons, the council is absolutely committed that our stallholders would be the first to hear about any future proposals we may put forward.
"The Covid-19 pandemic has had a major impact on the market. In recognition of this, the council has continued to provide significant extra support to traders through rent reductions between April and December 2020 and additional grant funding."
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