Twelve per cent of the 50 shops, eateries and pubs on the street are now closed, among the most recent being upmarket opticians Mode, Pickwicks cafe and the Right4Staff recruitment agency.

But Stephen Church, owner of Church's and chair of the St Giles Street Forum, said profits at many of the businesses in the street were actually up.

He said: "I can't argue with figures, there are more empty units than there were this time last year. But last night I was at a meeting of the St Giles Street Quarter and 80 per cent of traders said their profits were up on last year."

He said his business had enjoyed seven per cent growth in the shop, but more than 100 per cent growth in online sales.

He added: "The credit crunch does have something to answer for and that may be a significant reason for the closure of shops.

"But it's clear that those retailers who do not just sit on their hands bemoaning the economic climate and petrol prices but work that little bit harder to provide service, value and innovation are those who are thriving."

And Annie Rockley, owner of gift shop Peppertrees, said turnover at her business was up on last year as well.

She added: "At the moment things aren't as easy as they have been, but you just have to make sure you make the most of every opportunity and cut down on costs.

"Simple things like making sure all the lights are turned off or cutting down on unnecessary expenditure can make a big difference."

Tim Hadland, of Hadlands Chartered Surveyors, which manages the letting of several properties in St Giles Street, said one of the two empty shopfronts he was dealing with had been snapped up and would be re-opening as a new business in the coming weeks, and that another company had shown interest in the other property.

He said: "Retailing is hard, there's no doubt about it and retail spending is not growing as it should. But I think St Giles Street is Northampton's quality niche retail street and it's weathering the storm."