Saturday 23 May 2015 11.33am
Part of the problem for independent retailers is that it takes an average of 3 years to get established, rent reviews are usually every 5 years so just as you're getting on track, the rent is hiked making your business unsustainable or just yet more very hard work. A lot has happened on Bermondsey Street
in that time - White Cube wasn't open 5 years ago, Zucca had only just opened, etc.
I'd assume most of the properties on Bermondsey Street
are owned by individual landlords, the majority are going to take the highest rent achievable. I'd hate to see a Pret but they're probably a landlord's dream - high rent, paid on time.
Conversely, landlords often give these dream tenants incentives to move in - Sainsbury's on Bermondsey Square
pays a paltry rent - around £23,000 a year, I think - because the developers wanted an anchor tenant. That's around the level (or even less) than some of the local independent businesses are struggling to pay for much smaller units. All rather depressing and inevitable.