Campaigners are vowing to fight on to save "London's real Chinatown" after a council gave the go-ahead for it to be redeveloped.
Campaigners say their views have not been taken into account
Oriental City in Colindale, north-west London, attracts 10,000 people a week to its shops, restaurants and events.
But new owners Development Securities wants to rebuild it with flats and a supermarket.
On Tuesday, Brent Council gave permission for the scheme despite traders saying it will cost 800 jobs.
The plans will see the traders share the site with a hardware superstore, a primary school, 520 flats, a gym and a GP surgery.
The Save Oriental City Campaign (SOCC) said the proposal will require them to be relocated for about two years, which could force them out of business.
Yip Fai Liu, chairman of SOCC, said: "This is by no means the end of the fight.
"We still feel that our views have not been taken into account and that we are being ignored - the gloves are off.
"We will now lobby both the mayor and the Government Office for London to get this decision overturned and we are consulting our legal advisers with a view to taking this to a judicial review.
"This is London's real Chinatown. A thriving Oriental community such as ours, which we have built up through hard work, should not just be thrown away so that developers can make money."
Development Securities said it had consulted extensively with the tenants.
"The new oriental retail centre will be a larger store format with more shops and restaurants and the cultural and community spaces will also continue," it said in a statement.
In a statement, Brent Council said it recognised the concerns of traders and acknowledged the "value, input and character" of Oriental City's "diverse multi-ethnic culture".
It said the "temporary loss of the existing Oriental City facilities is more than outweighed by... the overall benefits of the new scheme".
Work on the site is due to start inside 12 months.