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Trade News Archive 2009 January February March April May
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29th May 2009
Empty shops on the rise in Edinburgh's Old Town
A growing number of shops are closing down across Edinburgh's historic Old Town district as the economic downturn continues to take its toll on independent retailers.
The Edinburgh Evening News has reported that 29 shops and bars are now vacant in the area stretching from Royal Mile to the Cowgate and Grassmarket.
While the recession was blamed for "crippling" small retailers, the newspaper suggested that it is also strangling the flow of new traders into the Scottish capital meaning that empty shops are lying vacant for months.
Speaking to the paper, Michael Dixon, chairman of the Edinburgh branch of the Federation of Small Businesses, said that today's empty shops are the result of a lack of confidence among traders looking to open new stores six months ago.
"This is a shame as it is at the start of the key summer season, which could be very good with lots of foreigners taking advantage of exchange rates.
"Everyone likes to see shops that are a bit different and there is still good business out there for those who can open the right type of shop.
However, he suggested that interest is beginning to return and forecast that many redundant financial workers will consider adding the independent retail sector in the future.
Earlier this month, the Scottish Retail Consortium reported a 4.3 per cent annual rise in like-for-like retail sales across the country during April.
(c) 2009
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