I live near Bloor Street, right in the Annex, and I think the lanes are a great idea. The number of bikes in those lanes is impressive. However, several business owners on Bloor are complaining that foot traffic has plummeted since the lanes were 'built' and they fear that continued operation of these routes will force them to shutter their stores.
Foot traffic is generated from people like me. Also, there are parking lots in that area, which, I should add, is where friends of mine from out of town park their cars when they visit for our Bloor hang.
The bigger concern is the ridiculous business rents down that strip. One of my favourite 'Asian' restaurants went under last year; the owner told me that her rent skyrocketed to $13,000 per month. She simply could not afford that number as the 'nut'. That is the real story here.
There are many factors in lack of store patronage. The stunning fact is lots of shops on that bit of Bloor were going under before the bike lanes were marked out. Two tea shops, for instance, sprouted and died within two or three years of opening. Funny thing, that, since I often find myself caught in major foot traffic.