Recent business closures on Richmond Street and around the city are raising concerns for other businesses in the community.
Owners and management of small businesses in the city are alarmed after closures like Urban Outfitters occurring at a high-traffic area at the corner of Oxford and Richmond. Laith Ayyoub, a kitchen manager at McCabe’s, a local bar just steps away, gives insight into the current situation and struggles facing local restaurants and stores in the area.
Ayyoub states that despite business remaining steady, price increases for goods since Covid have compounded and regular rent level increases have made it almost impossible to keep prices or quality of product the same as it once was. He believes many restaurants along Richmond Row are on the verge of going under if one rent payment is missed.
It seems like a very bleak situation but Ayyoub has hope. He thinks government action could be enough to salvage and relieve some of the stress hitting these local businesses.
He thinks something as little as a 1-3 month rent pause could be just enough to get a lot of places back on their feet. He doesn’t want to ask for handouts but thinks that a small moratorium could be a game-changer and reduce the risk of future closures.
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