Inside downtown Oakville’s Second Chance consignment clothing store, described as “upscale resale,” the almost new Coach bag going for 85 bucks won’t be there for long.

It’s brisk business during the Saturday lunch hour, but around the corner, along Lakeshore Rd. (old Oakville’s main strip), the stores where some of the clothes inside Second Chance were originally bought are hurting.

“A lot of people with money, they’re not shopping here any more,” says Rita Hollis, owner of L.J. Shoes and Leather.

She works the counter at her own store. “It’s all the owners working inside the shops now. They never used to, but who can afford all the staff anymore?”

Gesturing around her empty store she rattles off the names of a half-dozen high-end retailers that used to draw business to her shop before they recently closed. “Garvey’s (Fine Men’s Wear) and Silkeborg were huge.”

Silkeborg, a high-end clothing, accessories and home interiors boutique, used to be located in a heritage building across the street. Now, above the papered windows, the sign is all that’s left. More than a dozen other storefronts along old Oakville’s once booming high street are also boarded up or feature “store closing” signs.

Higher rents and parking rates, as well as competition from outlet malls, online and cross-border shopping, are mentioned by struggling business owners. But the recent recession’s impact on Oakville’s affluent class is the theme they all turn to.

“They’re cashed out. We call it ‘maxed’,” says Greg McKinnon, owner of The Running Company. “They’re paying $2,000 a month for the Beamer and the Land Rover in the driveway, they have million-dollar mortgages and $50,000 in landscaping. There’s not a lot of money left over.”

Oakville has long been known as an affluent community. According to Statistics Canada data from the 2011 census, the number of Oakville residents over the age of 15 earning more than $191,000 was four-and-a-half times the national rate, with 4.5 per cent of its residents in that category, compared to only 1 per cent for all of Canada.

McKinnon is closing shop after more than 18 years, but says he’s retiring because he wants to. He recalls the boom times along the strip when high-end boutiques, restaurants, jewelry shops and interior decor stores opened between the ’80s and a decade ago. He thinks things are going to get even tougher for friends in the area who haven’t already closed up.

“I’ve lost so many friends that have left main street. All the mom-and-pops are gone.”

Julia Hanna is an executive member of the Oakville Chamber of Commerce and the past chair. She also owns a downtown Oakville restaurant. “I’ve been a business owner in downtown Oakville for 30 years. I’ve never seen it this bad. Never.”

Asked if she thinks the area’s reliance on high-end clients now feeling the pinch is a big factor, Hanna has a mixed opinion.

“People in Oakville are affluent because they worked hard, were successful and were careful with their money. There’s no question the economy has affected everyone.

“But I’ve been through two other recessions. To have this number of businesses closing, there’s more happening.”

She says, like many smaller, unique retail strips, downtown Oakville’s is facing more and more competition. “We have to be more competitive to draw customers. We have to make it more accessible. We have to promote ourselves. People can just zip into a mall, park and go shopping anywhere.”

Meanwhile, back inside clothing consigner Second Chance, owner Nicole Jevons says after 24 years in business things have never been better.

“I’m doing as good as I have ever done. I’m not sure if the rich and middle class are feeling squeezed, but I’m now seeing clothes that are almost brand new or even brand new with the tags still on — Burberry, Michael Kors, Kate Spade, Marc Jacobs, even some Prada and Louis Vuitton.”

Jevons says her competition is also doing well.

“There are two other clothing consignment shops in the area. They’re doing fine, too.”

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Inside Swiss Interiors, owner Carol Vesters says her 61-year-old furniture and interior decor business has seen better times. “We’re doing OK because we’re established. Our store sells mid- to high-end furniture. I wouldn’t want to be a new store.”

Like many other business owners, she’s afraid of a possible domino effect. She doesn’t like the optics spreading along old Oakville’s main strip.

“The closed doors don’t help the image of how our businesses are doing. I’ve heard even more shops are planning to close.”

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