// Greenwich Market in London faces the risk of some of its traders closing stalls after rent prices increase
// Hot food stallholders at the market were asked to pay 60% more per day
London’s Greenwich Market traders have reportedly expressed fear that their stalls may face closure following a huge increase in rent prices.
Some traders have faced a 60 per cent daily rent hike since the coronavirus lockdown.
Hot food stallholders at the market, which was founded in 1737, were asked to pay 60 per cent more per day, while some drinks sellers have seen their rent prices double, The Guardian reported.
Moreover, they have said the increases are being reduced by 30 per cent now for some, after three weeks of hiked rents.
Meanwhile, cold food stands and arts and crafts sellers said they are anticipating that their rent prices will also increase, despite a drop in trade at the market due to a lack of tourists in the city.
Owners of shops around the market have had their rent deferred until October, but say they are also at risk of closure when payments are due.
Landlord Knight Frank, which manages the market, has demanded they pay the full amount owed for the last six months – despite shops being forced to close for the past three months.
Nonetheless, stallholders are facing further pressure because the market has been forced to cut the number of stalls to comply with social distancing requirements.
Many of the stalls now trade only two days a week on a rota system.
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5 Comments. Leave new
Really up to the government. The Defence secretary is the sole trustee of the Greenwich Hospital Charity which owns the site. Doesn’t exactly send out a great message from the government on how they expect landlords to act…
It’s just so hard to understand the thinking . Raising rents is crazy and a sure way to kill the high street so lets have some common sense please .
It seems like a shameless strategy to force the Market to crumble. I suspect the space is worth much more as residential development.
During this time I would expect some consideration for small businesses. 60% is totally unacceptable.
There is clear and evidenced agenda that the government is keen to end all small business and force all retail into giant online cooperate entities.