‘Optimism’ as shops begin to show signs of a real recovery

Published: 13 August, 2010
by PETER GRUNER

BUSINESS may not be booming but there are important signs of recovery in Islington’s shopping centres.

Significantly, loans are becoming more available to shops, according to Islington Chamber of Commerce, who met up with the big banks this week.

Two of the borough’s most hard-pressed areas in recent years – Camden Passage’s antiques market in Angel, and Fonthill Road fashion centre at Finsbury Park – are both reporting small improvements in trade.

At Camden Passage, where the antique trade suffered a massive blow with the loss last year of the flagship Mall antique arcade, traders are quietly confident that they will survive the tough economic climate.

Adele Salem, owner of Four and 20 Blackbirds, is even planning to open a second shop in the market selling vintage clothes and furniture. She said: “People don’t have a lot of money but are looking for furniture and clothes that have a bit of class and originality.”

Karen Murdock, whose father John founded Camden Passage back in the 1960s, said that antique shops and stalls appear to be flourishing. 

The managing director of Pierpoint Parade said that a new Sunday antique market with vintage fashion stalls is also doing extremely well. 

“Morale has been low in the past few years,” said Karen. “We’ve lost the Mall, the Georgian Village and a number of other arcades, and we are concerned about another increase in rent and rates in Camden Passage.

“We will never have the kind of flourishing business that we had in the 1970s. In those days every shop and stall sold antiques. But most ­people seem to be making a living.”

At Fonthill Road, chairman of the traders association Selim Goz­ubuyukoglu said many small businesses are still walking a financial tightrope.

Selim said: “I feel there is a bit more optimism, although as I say there needs to be a lot of improvement with all the banks if businesses are to survive.”

Chief executive of Islington Chamber of Commerce, Ronke Lawal, said: “I had a meeting with directors at the NatWest bank this week and they are very willing to lend. 

“They [the directors] were suggesting that poor marketing or bad press had given the wrong impression about the availability of bank loans.

“However, they are still not keen about lending money for property. If a business wants to buy new property and remortgage that might still pose problems.

“And there’s not a huge amount of money for risky start-up business. 

“But if you’ve got an established firm and there’s a plan to expand stock and employ more staff they will definitely be interested in helping you.”