I can't actually think which lettering you are referring to. However, as I use the entrance several times every day, it's quite possible that by habituation I wouldn't notice it. But I don't think anyone has done much work around there for a while.
However, the Atlantic Road entrance to the Granville Arcade, like the Coldharbour Lane and Popes' Road entrances, has had plastic lettering saying Brixton Village over it for.. well, a long time. More than a decade - since the Arcade was idiotically renamed as part of the 90's Brixton Challenge process. I'm pretty sure that all signage referring to the Granville Arcade was removed at the same time. Well before the building was listed, which only happened in 2009 or 10 or so. Actually, because it is now listed, removing the tacky plastic lettering would probably require LBC.