In the background of transformation and development of China's cities, controlling the excessive growth of city size by means of relocating the non-core function from megacity behemoth has become an important research topic in urban geography. As the capital, Beijing bears not only the general function of city, but also the special function of the capital because of its special political status. To a certain extent, the non-capital function proposed by Beijing also belongs to the category of non-core function, which can contribute to the function dispersion of other mega-cities through the study of Beijing. Taking the Zoo Wholesale Market as an example, with the help of questionnaires and in-depth interviews, this paper investigates the relocation intention and influencing factors of merchants by Ordered Probit Model. The results show that: (1) from the perspective of the impact of non-capital function dispersion, 66.38% of the merchants think that dispersion has a great impact on the business operation of shops. (2) The willingness of wholesale market merchants to relocation is very low, only 12.07% of the merchants agree to be relocated, and the unwilling and extreme unwilling to relocate account for 37.07% and 31.03% of all the samples, respectively. (3) From the perspective of the factors influencing the willingness of wholesale market merchants to relocate, seven factors, i.e., logistics, brand effect, the impact of relocation news, education, relocation plan, number of employees and rent, significantly affect the relocation intention of merchants. Logistics conditions and agglomeration brand effect are the most important factors affecting the relocation intention of merchants in the wholesale market. (4) From the point of view of relocation location re-selection, the most desirable place for relocation is other large wholesale markets in Beijing. Traffic and logistics, rent and other operating costs are the main conditions for the new location selection, and the preferential policies of relocation location are not highly concerned.