Silsden Town Council has dropped a controversial plan to hold a market.
A number of the town's shop owners were against the plans, fearing they could be forced to close if customers went elsewhere.
But some town councillors thought it could bring more tourism to Silsden, which would increase footfall and actually improve trade for shop owners.
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Silsden residents were asked for their opinions through a survey form handed out to some shop's customers and online.
Altogether 80 people responded and the results were mixed. A small majority was in favour of a market.
Robert Rushton and Julian Cooper, who own Fodder, a greengrocery in Kirkgate, told the council that if there was a weekly market in the town and one of the stalls sold fruit and vegetables, they would most likely lose their once-a-week customers, which would be a big blow.
Mr Cooper said: "We could close down, it could take 50 per cent of our custom away."
But Councillor Tim Maddocks said that the pair were making an assumption.
He said: "I have spoken to shop owners in towns where there is a market and the response I get from them is that it actually increases custom, because for every customer that is taken away, they get three back."
However, Cllr Maddocks said the majority of people who wanted a market in the town was too small to go ahead with the idea.
Craven Ward councillor Adrian Naylor agreed, and said: "Given there are, what, 3,000 residents in Silsden, 80 responses is not enough to act upon."
He also pointed out that market customers would find a difficulty with parking, because Silsden's main car park would soon be out of use due to roadworks in the area.
Silsden town mayor Liz Trainor said the council had to protect the shopkeepers in Silsden.
She said: "The traders are the backbone of Silsden and they need protecting because when they go, we won't get them back.
"Traders might come in and take the business and go again and I do not want to see Silsden turn into a ghost town."
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