Eating in a restaurant that doubles as a retail shop carries with it certain risks: that the food may act purely as a loss-leader, introduced in an effort to keep you shopping longer; that the food may be unspeakably awful (I’m looking at you, Cafe Beyond); or both. Then there’s the IKEA-style thematic food-retail pairing (Swedish meatballs, anyone?), a uniquely bizarre and postmodern experience that consists of bombarding the diner with a befuddling double whammy of culinary clichés and bargain prices. More upscale versions of this idea can be hit or miss: just compare the overweening BG at Bergdorf Goodman to the wonderful and endearing Tea Box Cafe at Fifth Avenue’s Takashimaya. Nicole Farhi’s 202, a British-American bistro occupying the front half of her Chelsea Market clothing and housewares shop, avoids the pitfalls of both pretension and preciousness, even managing to serve up some respectably good food along the way.

Which is no small feat, given the carefully selected and self-conscious luxury the retail shop peddles: hungry customers can finger $85 decorative pillows and $115 minimalist glass candlesticks while waiting for a table (and when the wait for a table during prime weekend brunch hours can be more than 40 minutes, there is plenty of time to browse). But we get the sense that shoppers and diners come to 202 for different reasons–every time we’ve visited, we’ve found the clotheshounds among the racks of blowsy, natural fiber clothes and pricey nouveau-Edwardian shift dresses, while the obvious chowhounds tend to wander, looking a little lost, around the front of the shop. And we’ve never spotted a serious shopper take a quick break for a plate of fish tacos ($17)…but it’s nice to know that, should the mood strike, it is possible.

Whether or not those eating its food are also wearing its clothes, 202 does present an appealing choice of brunch options, and at prices quite a bit cheaper than those candlesticks. Pancakes and eggs appear on the menu alongside other dishes like arctic char, beet and arugula salad, and a tuna burger. Then there’s the full English breakfast with fried eggs and tomato, a required item in any restaurant named after its overseas sibling, which in this case is located at 202 Westbourne Grove in London.

When our friend Blanc and I stopped in to 202 last weekend for an early brunch, we weren’t hungry enough for the onslaught of a British fry-up, so we ordered something a bit smaller. Blanc’s french toast ($10) and accompanying bacon were respectable, although the kitchen seemed to be a bit flummoxed as to how to handle his request that both items be prepared well-done; indeed, they arrived fried to a crisp, practically carbonized. Maple syrup helped to moisten the two arid blocks of brioche, however. To counteract his otherwise vitamin-free entrée, Blanc also ordered a side of sauteed spinach ($6), which was cooked beautifully, although some of its healthful properties were diminished by a too-generous shower of salt.

I was much luckier with the buttermilk pancakes (also $10) I ordered. The thick stack was almost wholly covered by a landslide of rich whole blackberry compote that completely eliminated any need for syrup. I was not surprised to learn later that 202’s growing culinary reputation is in large part built on the quality of this dish. There are also several other notable offerings on the menu, including daily specials that include unusual, Shopsin-esque soups, as well as a very fine fish and chips platter–another nod to the Nicole Farhi empire’s British origins. We’d like to see a little more differentiation of 202’s current Chelsea Market space, just to make the dining experience feel a bit less like noshing on the sales floor of an Anthropologie. But in truth, for a great stack of flapjacks, we’re happy enough to be seated amidst the silk embroidered camisoles.

202, 75 Ninth Avenue, between 15th and 16th Streets, at Chelsea Market. (646) 638-0115