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.
Read more about this topic: Covent Garden
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)