As the UK plunges into a recession, predicted by the Bank of England to be the longest since 2008, small business owners in Greenwich Market say they are worried the holiday period may bring little festive cheer.
Stallholders in Greenwich Market told South London Lines they are facing the slowest holiday period yet because of the cost of living crisis.
The stallholders spoke just days after the festive lights in Greenwich Market were turned on. The Market has more than 200 small businesses, which sell everything from antiques and food to clothing and knick knacks.
But business is slow, the stallholders say, as the nation tightens its belt on account of soaring energy and food costs.
Normally, the holiday season is the busiest time of year, says the owner of Ginger Kitty Vintage, a stall selling antique books, which opened in 2019.
Franco and Ena, who own Alpaca Emporio, say “Christmas time is the best season” for a shop that sells handmade woollen beanies, mittens and blankets made from Alpaca fur from Peru. But with fewer customers than usual this year, Alpaca Emporio is having to make money in locations other than Greenwich. They said they are holding shopping events in Fulham, Portobello and Peckham. “Three years ago, before lockdown, it was a lot better,” said Franco, adding that he was worried because there was no sign things would get back to “normal”.
Despite the gloom, some business owners say they still have hope. Jewellery maker Sue Welsh stands at her stall Calm Amidst the Chaos of Life and says she remains “entirely optimistic” that her business will push through the current problems. Welsh, who has been in Greenwich Market for more than three years, says she has survived pandemic-era financial tribulations and nationwide lockdowns.
“Fair enough” that people are not buying her handmade jewellery at this time, she says, but surely businesses will “pick up”. The holiday season is just starting, Welsh reasons. Even so, she says it will be “no way back to normal”.
