Over the last two years, the council has been meeting regularly with tenants of the Elephant and Castle through a forum called the Shopping Centre Liaison Group. In addition, several other meetings have been held with shop owners from the Walworth Road and the market traders. Throughout 2005 and beyond, the council will increase the number of meetings with local businesses and will try to reach as many as possible that will either be directly or partially affected by the regeneration plans.

If the area becomes successful, won’t rents become too high for local businesses?

In the central area where concentrations of pedestrians will be greatest, it is fair to assume that the rent levels will be affordable only by the most successful traders. Away from the centre, rents will be expected to reduce accordingly, but a relationship will be established between the strength of an individual trading location and the rent cost of occupying premises. In other words, the competition for space will influence the rent levels in a particular location.

If the Elephant and Castle is going to become a successful destination for shoppers, then every business within the area will have to rethink how it can fully participate in those changed circumstances. It is essential that businesses start to think about that now.

 


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