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The Lace Market area has built up around the original 6th century heart of the city, and became a bustling and thriving commercial centre. In 1675 William Lee of Nottingham invented a framework knitting machine, which developed into a loom creating hexagonal mesh lace. This marked the beginnings of the highly profitable lace industry in the city. The name 'Lace Market' was given to the are in 1847 after entrepreneurs had turned it into a centre from lace production visited by merchants from all over the world. At its height in 1914, there were over 1500 lace warehouses and manufacturers in the area. However, the lace industry (and Lace Market) began to decline after the First World War as a result of debts and changing fashions. Today there are no lace factories remaining in the city, though the Lace Market area is gradually being redeveloped with shops, cafes/bars and apartments.