Elephant Arcade formally opened last Wednesday in the new retail space beneath Perronet House that used to be garages.
Eleven traders have now relocated after the shopping centre was closed, including tailors, computer repairs, a hair salon and haberdashery.
Councillor Johnson Situ, who holds the planning portfolio at Southwark Council, said: “We were delighted to see traders settled into their new premises at Elephant Arcade after all their hard work with the council and site managers to fit out the shops ready for opening.
“We have long been committed to supporting the Elephant and Castle Shopping Centre traders and so it’s really exciting that this location in the heart of Elephant and Castle has been put to good use, allowing small businesses to continue serving the needs of the local community.
“We wish them every success as they grow and thrive in their new home”.
Meanwhile over the last week work has begun on preparing the centre for demolition.
Keltbray, a civil engineering group, is first installing permanent hoarding before decommissioning and stripping out the building from the inside.
Once this is complete, structural demolition will start with the low-rise buildings to the north of the site facing New Kent Road, before progressing south.
This work is expected to last through to summer 2021.
Keltbray is holding monthly community meetings and sharing newsletters with information on next steps.
To sign up to a meeting planned for November 3, email firstname.lastname@example.org.