Traders initially have, backing depressed business centre (8)
I believe the answer is:
downtown
'business centre' is the definition.
(I've seen this before)
'traders initially have backing depressed' is the wordplay.
'initially' indicates taking the first letters.
'have' becomes 'own' (to have something is to own it).
'backing' means one lot of letters go next to another.
'depressed' becomes 'down' (synonyms).
The initial letter of 'traders' is 't'.
't'+'own'='town'
'town' put after 'down' is 'DOWNTOWN'.
(Other definitions for downtown that I've seen before include "Central part of (American) city" , "US city centre" , "Central Park?" , "Central commercial district (US)" , "The business centre" .)