Rent rises force small businesses out in Store Street - replaced by a giant advert

Published: 4 June 2010
by JOSH LOEB

ITS name is Store Street – but residents say there is barely anywhere to go shopping!

Where once small shops traded alongside independent cafés and a family run hotel, a host of businesses have closed and there is now a long hoarding erected by landlord Bedford Estates ­covered with advertising for designer brands and notices saying: “Shops to Let.”

People living nearby say they fear the independent atmosphere of the street – located between Tottenham Court Road and the University of London campus – could be set to disappear forever under an influx of familiar high street names.

Penny Faith, secretary of Ridgmount Gardens Residents’ Association, said: “It’s not conducive to the atmosphere in the area. Obviously it’s a concern that they might bring in clone shops in what is an ideal space for independents.”

Simon Caulkin, another member of the association, said: “We are certainly in favour of more independent shops rather than just the same old things. Over the last year or so relations with the landlords of the buildings have as far as we’re concerned been cordial, but obviously there is a lot of money at stake here.”

The hoardings, which run almost the length of the street, are covered in advertisements for brands including All Saints, Miss Sixty and Hugo Boss – leading to suspicions that they are designed to lure recognised brands to what is a prime central London spot.

Arsim Zekiri, manager of Pizza Paradiso, one of the only businesses currently operating on Store Street, said: “It looks like the whole street is shut. Our regular customers still come but new people aren’t. A lot of businesses have left the street. Bedford Estates is saying that many will come back in August but I don’t really know how true that is.”

A spokesman for the Bedford Estates said the organisation is spending “in excess of £350,000 on repairing and enhancing the shop fronts” and that the hoardings were for security. 

He added: “We are not in the business of ‘cloning’ what has been done elsewhere. 

“We are specifically targeting small independent traders. 

“Anyone who thinks that high street retailers could or would operate in units such as those in Store Street, which are long and narrow, must have a limited understanding of how such retailers work. 

“While I cannot mention any names at this stage, I can say that at present five of the shops are under offer – two to traders who were previously in Store Street and three to entirely new traders, all start-up businesses.”

The spokesman admitted rents had increased but insisted the rise was in line with market values.