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When I last visited the Soho store they were perfectly happy to do a size exchange on some base layers that I'd ordered online and were too big.
What they can't do is change items where the monetary value is different and need to process extra payments or refunds.
The gift voucher thing is proper useless though. I have some as a leaving gift from work, but only being able to use them online indicates that behind the scenes there's a reasonable amount of string and gaffa tape holding together Rapha's back-office systems.
I appreciate the sales can't be fulfilled from the Soho store, but why can't orders be returned in store, and then somehow returned at their own cost to the fulfillment centre/warehouse or whatever they use? Considering online returns already go to Rapha HQ in zone 2, there could surely be an easy and not too expensive solution to this?