Stoke Newington Record Shop Could Close
, January 4th, 2017 14:22
Lucky Seven in Stoke Newington could be forced to close over soaring rents in the capital
The owner of Stoke Newington record shop Lucky Seven has placed the building up for sale saying that he was struggling to keep the business afloat.
He put the business up for sale late in 2016, telling The Hackney Gazette that he expected another hike in rent prices that would make running the business impossible. "The rent went up by a third in 2009 and if it goes up again there’s only one way it’s going to go," he said. "I’ve given it until August and then I’m thinking of calling it quits anyway."
He says that the possible closure will be another victim of London's soaring rental prices stating that he had seen more businesses close than open on Church Street, the road on which the shop is situated, in the seven years that he had been open. He also further complained about the number of coffee shops and restaurants in the area that had opened to meet the demands of the changing locals.
He also blames the resurgence in vinyl though, saying that this resulted in suppliers charging more for records. Choosing not to stock new records in the shop, he says that he cannot keep up with the market. "Prices have doubled in the last four years because of the increase in interest," he said. "It’s a bit of a double-edged sword for me."