I agree with Mr Smith. It's a strange business model to be trying out in an area like that. Skate shops work well because of the general trendiness of the area; skaters can come and hang out, have a coffee, shop for clthes, peruse skate equipment. Cyclists generally aren't likethat, and the vast majority inLondon are just using a bike for transport really. LookMumNo Hands works well, but it's in more of a 'cycle trendy' area, and isn't competing with other shops for trade in the same way as someone selling coffee in Soho. You also have to appeal to passing trade, and I can't see how a niche shop like this can do that effectively in that particular area. There's a reason why all the 'specialist mtb' shops in the west end have generaly failed.
And they're missing a massive trick here; the legitimate trade in second hand/vintage bikes has really taken offf in the last few years (where the cool bike to have in town was a Muddy Fox, then a hybrid, then a fixie, now it's a 1960s era British/French/Italian racer), but not many are daring to venture into that market. There needs to be an antidote to the slick, corporate shiny shiny hi-tech glossiness of Evans, Condor, Cycle Surgery etc, more of a grubby workshop with lots of cool and obscure bits and bobs, where you can get your Sturmey Archer AW hub serviced and keep your 'heap of junk' running for another few years.