It’s all about how you read it:
Cheapside is held dear in property analysts’ eyes
The big salaries and huge bonuses paid to City workers makes the shopping street at the centre of the Square Mile the best in the British retail business, according to a new survey.
Cheapside, which has the Bank of England at one end, St Paul’s cathedral at the other and is lined with stores ranging from upmarket cobbler Church’s to a new Tesco Metro, has topped a list of 650 shopping streets and out-of-town malls.
The rankings, calculated by economic analyst Business Strategies and retail property consultant Chuirston Heard, are designed to shows the streets with the best potential for retailers and property investors.
In March next year the bookshop in which I work on Cheapside will be closing, not because it’s losing money (we’re actually 20% up on last year) but because the rent has increased by such a large amount that we’d have to increase sales by 80% in order to break even. Which is, of course, impossible. Even being part of amajor chain with multinational backing will not save us. So we’re closing.
Last year a Gentleman’s Tailor (established in the 18th century) on Cheapside closed and was replaced by a mobile phone shop. A Starbollox filled the empy store next door to us this year and a Prett is opening next week three doors down. There are other examples I could give.
Yes, you can make a hell of a lot of money from the suits on Cheapside, but the rents are so high that you can only do that with no stockholding (food outlets) or some kind of subsidy (why do you think there are so many mobile phone shops?). Any business that relies on holding things in stock and offering a range of interesting things is pretty much screwed once the landlords realise they’ve got a goldmine on their hands.
The irony is not lost on me. Our shop is closing because of brute capitalism. The City is the heart of brute capitalism. Those who work there will have coffee, sandwich and mobile phone shops and nothing else because of brute capitalism. Enjoy, suckers!