And I’m puzzled too.
We all know that the country is effectively in recession. We know that businesses will be feeling the pinch. But, as a whole, Balham has shown itself to be very resilient.
For a start, it’s a great location. There are around 21,000 residents within half a mile of the town centre and it has great transport links, with an underground station and an overground station scheduled for improvements.
It’s also benefited from significant investment. The council’s Town Centre Improvement Scheme has leveraged nearly £600,000 of private sector investment in the Town Centre and in the past 4 years 60 businesses have upgraded their premises or moved into or within the town centre.
What’s more Balham has been bucking the trend: footfall counters show an increase of 6% between December 2007 and December 2008, at a time that a national fall of 8% is being reported! And there is significant anecdotal evidence that food sales for consumption at home are increasing as people eat out less as a result of recession. If your main business if food sales, Balham would seem the place to be.
It is bizarre that M&S are leaving an area that a retailer, and a food retailer to boot, would surely be desperate to be in. The council will be putting all these points to M&S to try and dissuade them from following through on their closure.