Covent Garden - Economy

Economy

The area's historic association with the retail and entertainment economy continues. In 1979, Covent Garden Market reopened as a retail centre; in 2010, the largest Apple Store in the world opened in The Piazza. The central hall has shops, cafes and bars alongside the Apple Market stalls selling antiques, jewellery, clothing and gifts; there are additional casual stalls in the Jubilee Hall Market on the south side of the square. Long Acre has a range of clothes shops and boutiques, and Neal Street is noted for its large number of shoe shops. London Transport Museum and the side entrance to the Royal Opera House box office and other facilities are also located on the square. During the late 1970s and 1980s the Rock Garden music venue was popular with up and coming punk rock and New Wave artists.

The market halls and several other buildings in Covent Garden were bought by CapCo in partnership with GE Real Estate in August 2006 for £421 million, on a 150-year head lease. The buildings are let to the Covent Garden Area Trust, who pay an annual peppercorn rent of one red apple and a posy of flowers for each head lease, and the Trust protects the property from being redeveloped. In March 2007 CapCo also acquired the shops located under the Royal Opera House. The complete Covent Garden Estate owned by CapCo consists of 550,000 sq ft (51,000 m2), and has a market value of £650 million.