A Clerkenwell newsagent has closed after rent shot up by over 50 percent.
Squires News on St. John Street shut on 24 October after the landlord raised rent on the retail unit by 53 percent— from £18,250 to £28,000 per year.
The shop, which served Clerkenwell residents and City University students for 11 years, sold stationery, greetings cards and confectionery.
Besides rent, owner Satesh Patel said dwindling sales and cut-throat competition from large stores like Tesco Clerkenwell Express had forced him out of business.
“Some [newsagents] are actually giving out newspapers for free. It is just not feasible to stay in business here,” he told Islington Now on the eve of the closure.
The shop’s saleswoman, who did not want to be named, said an art and design investor would take up the property.
The newsagent’s closure comes weeks after another stationery dealer, City Household and Stationery on nearby Goswell Road, shut down due to what the owner said was “unaffordable rent”, without giving details.
Patel said he mainly served locals, City students and staff, who will now have to walk longer distances to other shops.
Sanam Hadhi, 20, an international student from India, said she would miss the newsagent’s services.
“I have been buying pens, exercise books and other stationery here for the past two years. It was close to the university and its closure is a big inconvenience to me.”
Gus Joseph, 39, a resident of Michael Cliff House, directly opposite Squire’s News, said he was saddened by news of the shop’s closure.
“I have been shopping at Squires News since I settled here. New shops have opened here but we wish he remained in business,” he said.
Photo: Harry Misiko
