More than ever independent business owners are facing difficulties on how to keep their livelihood stable.
The ongoing coronavirus crisis has affected everyone everywhere, and small independent businesses struggling to make ends meet are not an exception. The closure of markets, in particular, has put many at risk, as they mostly rely on retail sales
According to a Financial Times survey of 4,600 UK businesses, 59% were not sure or “were not confident” they would survive until the end of the crisis.
“Nearly half of businesses also reported that their turnover was lower than normal, with only professional and ITC services reporting they were unaffected,” the article said.
Camden Market might be one that goes under. A few weeks before lockdown, the once-bustling marketplace of independent shops and stalls held a grand opening of a new location, Buck Street Market, which was designed to be as good, if not better, than its older brother.
But on March 16th, Camden and Buck Street Market, both located on Camden High Street, were forced to close.
Video: Urte Fultinaviciute
Uncertainty for small businesses
“I closed my stall due to lack of customers and then a day or a few days later the management closed the market,” says Matthew Sutton, 28, who owns Health and Beauty company Nepali Pure in Camden Market.
Buck Street Market “opened at a very bad time because of the lockdown in Italy and other few countries around the world. There was a lot less tourism,” says Sutton, who founded Nepali Pure two years ago.
The future for small business owners seems to be uncertain as it is unclear when the lockdown will be lifted. Sutton speculates that it will take at least six months for the business to go back to normal but fears the worst – closure.
“I’m worried that I will have to abandon it and start something new outside retail,” he said.
Dunja Knezevic, founder and owner of Dunya Ayurveda – a copper bottle retailer, says that the lockdown had a “massive” impact on her business. She stated that 90% of her sales were made in the markets, and only 10% online.
Faced with closure Knezevic had to put more effort into online retail, and has seen a rise in sales, which according to her, “was actually a great thing to happen to the business”.
“On the other hand, I miss the markets so much and really look forward to retailing at them again, but I can't see that happening for at least another nine months,” says Knezevic. “I'm aware that by then the markets might not even exist anymore.”
Support the open markets
Some markets around London are still open and offer their products for customers. Borough Market, which sells mainly food and is therefore considered essential, is letting people into its premises in south London while encouraging customers to keep a safe distance between each other.
It also launched an online shopping service allowing customers around 4.5 miles radius to order fresh produce and get it delivered to their homes.
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