Business Rates
This coverage examines business rates policy and its implications for the UK retail sector. Reporting focuses on government decisions, reforms, rate relief measures, and their impact on store operations, profitability, and investment decisions. Tailored for retail executives and managers, it provides analysis to help navigate costs, advocate for change, and plan effectively in response to fiscal pressures.
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Nov- 2023 -7 NovemberNews
Today’s news in brief-7/11/23
Fast fashion brand Shein has reportedly expressed interest in acquiring Topshop. This comes shortly after the acquisition of Missguided and its intellectual property rights from Frasers Group. Asos, the current owner of Topshop, has been considering selling the brand to bolster its financials following a significant loss of nearly £300m…
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7 NovemberNews
October retail sales slow as consumers delay Christmas spending
Total UK retail sales increased by 2.5% in October, against a growth of 1.6% in October 2022 as consumers delay their Christmas spending in the hopes they can grab a bargain in the upcoming Black Friday sales, according to the BRC-KPMG Retail Sales Monitor. The total sales growth was below…
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3 NovemberHigh Street
October washout sees footfall drop 5.7% in October
Footfall decreased 5.7% in October as wet weather negatively impacted consumers’ willingness to visit UK highstreets, according to the latest data from MRI Springboard. It found that high street footfall decreased by 4.6% in October (YoY), down from -1.7% in September. Meanwhile, retail parks experienced a 4.3% decline, down from…
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Oct- 2023 -31 OctoberEconomy
Shop price inflation reaches lowest point since August 2022
Shop price annual inflation has dropped to 5.2% in October, down from 6.2% in September, reaching its lowest point since August 2022, according to data from the British Retail Consortium (BRC). As a result the BRC has called upon the chancellor not to burden businesses with “unnecessary new costs” to…
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20 OctoberNews
Retail sales drop in September as demand for household goods wanes
Retail sales have fallen by 0.9% in September, following a rise of 0.4% in August 2023, according to the new figures from the ONS. Looking at the quarterly picture, sales volumes fell by 0.8% in the three months to September 2023 when compared with the previous three months. Non-food stores…
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6 OctoberNews
UK footfall decreases 2.9% in September, BRC says
Total UK footfall decreased by 2.9% in September (YoY), down from -1.6% in August, according to new data from the BRC. High street footfall decreased by 1.7% in September, down from -0.9% in August, meanwhile retail parks footfall decreased by 2.4%, remaining the same in August. Shopping centre footfall decreased…
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5 OctoberNews
Today’s news in brief-05/10/23
Asda, post its separation from Walmart, has entered a multi-year partnership with Tata Consultancy Services (TCS) to revamp its IT operations. TCS will implement cloud-based ERP platforms to streamline various processes including supply chain forecasting, buying, and merchandising. This move aims to enhance customer experience, innovation capabilities, and maintain market…
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5 OctoberNews
Oxford Street American candy store numbers drop amid council crackdown
The number of American candy stores on Oxford Street has dropped from 29 to 21 following a crackdown by Westminster City Council, according to a new Westminster’s overview and scrutiny committee report. Earlier this year, Westminster City Council further campaigned against US-style candy and souvenir stores by appealing directly to…
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Sep- 2023 -28 SeptemberNews
Today’s news in brief-28/09/23
Rami Baitiéh will take over as Morrisons’ new CEO from November, succeeding David Potts, who has held the position for nine years. Baitiéh, previously a chief executive at Carrefour France, will work closely with Potts during the transition. Potts expresses confidence in Morrisons’ future growth, highlighting the company’s unique position…
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28 SeptemberEconomy
BPF calls for extended empty rates relief
The British Property Federation (BPF) has called on the government to extend the business rates relief for empty properties to 12 months. The Federation has also called upon the government to reintroduce a 50% rate cut for long term empty stores. As it currently stands, owners of vacant stores are…
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