I've lived in Crookes for quite some time and there is one thing that happens with increasing frequency that breaks my heart- the closing of a new business.
Every year I see businesses in crookes and the student areas open with the best will in the world. Very few things please me more than those that succeed against all odds- but the owners have to put in a tremendous amount of work.
There are four reasons why businesses in student areas are up against it.
It pains me to say it but students don't have the money that they used to. They are very keen to be more careful with it. Their buying power is much less.
For three months of the year students aren't around and clearly the businesses have to account for that.
Students have ingrained habits- one thing that really broke my heart was one shop in one student area was routinely undercutting the local supermarket but still the students went into the local supermarket.
Lastly despite all that there is no relief for business rates for businesses in a student area.
If you are going to set up in a student area please take this into account.
