Butler and Wilson has decided to close its Mayfair store after trading at a loss for three years.
It has been 32 years since the costume jeweller opened its outlet in South Molton Street, Mayfair but after a 21% increase in rent costs, the store was no longer making a profit.
Founder and director, Simon Wilson, said the decision was “depressing and sad” but the recent rise in rent from £146,200 to £177,500 made trading harder.
He added that he would now focus on the flagship Fulham store and the QVC shopping channel.
Wilson said: “South Molton Street used to be amazing, there used to be all these fabulous shops packed with amazing customers but they are just not there anymore, it’s gradually just died.
“I love this store, I love the interaction with customers. It is actually more depressing that there is nobody in the street than not having the shop.
“It started when Browns sold out to [fashion website] Farfetch. There are now four or five empty shops on the street and we are the last independent retail shop. What is happening to London? It’s so depressing.
“At least the lease is up and we can get out. I would not want to be stuck here for another five years and working just to pay the landlord.”