The issue of affordable retail space in Hamilton has been highlighted by the set up of Gallery 135 dedicated to up-and-coming entrepreneurs and small businesses.

The new and unique G-135 Coffee Lounge, Gallery and Retail outlet, which is due to open at the end of next month, offers those innovators looking to get into business a chance to establish themselves at the prime location on the corner of King and Front Streets.

Recently, The Royal Gazette reported on the demise of shopping in Front Street and the need for vendors to find space at an affordable cost.

But Keerome Maybury, the brains behind the new project, is about to change all that with the launch of Gallery 135.

"The main inspiration for the concept came from the fact that there does seem to be a void for affordable and commercial realty in the city," he said. "For anyone looking to set up a business one of the biggest stumbling blocks seems to be access to exactly that."

He reckons that there are a lot of smart individuals out there who understand how to find good products, exclusivity, rights and marketing campaigns specific to Bermuda, as well as having a sound business plan, but the main problem they face is high rent for premises in the capital, with many landlords charging between $6,000 to $20,000 per month for a small space. "It is pretty restrictive and it really puts a dampener on people who can change the retail side in terms of offerings in Front Street and new products to the Island, period," said Mr. Maybury.

He said that while numerous exempt companies and high capital earners can manage to pay the bills generally because their bottom line does not take a significant hit from operating expenses, many of the small businesses cannot absorb those same costs and struggle to survive due to the current economic environment.

Mr. Maybury, who is also the chief executive officer of Triangle Imports, believes small businesses have a big part to play in the success of the Island's economy and sees Gallery 135 as an important way of helping to achieve this.

And he views Gallery 135 as offering the whole package, from an aggressive marketing campaign through its website, print, radio and television media, wireless Internet access for vendors, and sales support staff on hand to run the stalls in their absence.

As far as patrons are concerned, there will be a coffee lounge and wine bar for refreshments or just to relax after a hard day's shopping, while an art gallery will give artists an opportunity to exhibit their work.

"It is all about supply and demand," Mr. Maybury said. "Particularly in the city of Hamilton, landlords see an opportunity to cater to exempt companies and fact of the matter is you can't blame them for trying to get the most from the space they have.

"Any business which has taken on commercial property in Hamilton recently has had to pay at least a seven-figure mortgage, with most paying eight figures."

Vendors can chose between anything from a one-week to a 12-month lease depending on their circumstances and to allow them to test the water of the market, with rent anything up to $1,500 a month for the 12-month contract.

Among the 25 parties currently interested in renting space at Gallery 135, 10 of whom have moved forward to secure leases, are high end jewellery, eye-wear and handbag manufacturers, clothing and apparel dealers, and gourmet bakers and pastry chefs.

The site itself, which is based at 135 Front Street, comprises a reclaimed 3,000-plus square-foot industrial loft with vaulted exposed wood ceilings and beams, antique chandeliers, stately columns and elegant Bermuda stone walls. It strikes a balance between old Bermuda colonial style and the contemporary Italian look.

There are also interactive games, such as pool, music and live entertainment on offer, while parking access is easy with a car park by Island Trading and opposite Docksider and Rosa's Cantina in Front Street. Mr. Maybury, who is no stranger to risk-taking, having previously worked as a catastrophe risk analyst at Ace Ltd., said: "It is important to a place like Bermuda because it is a gamble to leave a full-time job with the securities and benefits to a situation where you are in a sense in going into the fire, having to pay your own pension, social security and benefits and we take a lot of the risk out of that.

"There is strong demand for the space right now and there is not any other opportunity on the Island to expose your brand and your business in terms of marketing and pricing, and there is also the advantage of longer term leasing with discounting factored into the pricing from short-term to long-term rental."

• To find out more about Gallery 135, visit www.g-135.com.