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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Sep- 2023 -11 SeptemberHigh Street
John Lewis boss calls for review into town centres amid looting fears
The boss of John Lewis has warned that high streets could become a “looting ground” for criminals if change is not implemented, calling for a royal commission review into dying town centres. Dame Sharon White has warned that years of shop closures have led to a rise in shoplifting and…
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11 SeptemberEconomy
Retail leaders call for business rates freeze
Leaders of major retail businesses have written to chancellor Jeremy Hunt calling for a freeze in business rates in the upcoming budget, according to the Times. The CEOs of 44 of the UK’s biggest retailers such as Aldi and Ikea believe that more than £400m would be added to rates…
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8 SeptemberClothing & Shoes
Ann Summers plans expansion amid strong FY results
Ann Summers has seen its turnover rise by 7.4% to £100.1m in the year ended 25 June 2022, with plans to open more stores following the strong full-year results. In its latest Companies House filings, the group also reported that sales were up by 7.6% against the prior year, and…
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1 SeptemberClothing & Shoes
Superdry falls to £148m loss in FY23
Superdry swung to a loss of £148.1m in the year ended 29 April, down from a profit of £22.4m the prior year. As a result, the retailer has agreed a loan with Bantry Bay Capital for up to £80m this year, and a further £25m with Hilco Capital post year-end. …
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Aug- 2023 -30 AugustHigh Street
The Works revenues up 5.8% in FY23 despite ‘challenging’ backdrop
The Works’ revenues increased by 5.8% to £280.1m for the year ended 30 April 2023, up from £264.6m in FY22, and as such, the retailer said it is well-positioned to capitalise on opportunities from its strategy in the coming year. The value retailer of arts and crafts, stationery, toys, and…
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29 AugustHigh Street
Clintons to shut 38 stores as part of restructuring plan
Clintons is reportedly set to close 38 stores in a bid to stave off its collapse for at least 12 months after a restructuring plan was approved by an insolvency court. According to the Evening Standard, the plan allows the retailer to escape full payment of business rates and rent…
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29 AugustNews
Shop price annual inflation slows to 6.9% in August
Shop price annual inflation decelerated further to 6.9% in August, down from 7.6% in July, the BRC has said. The figure, which is below the 3-month average rate of 7.7%, is at its lowest since October 2022. Non-food inflation remained unchanged at 4.7% in August, which is below the 3-month…
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16 AugustEconomy
Inflation falls for second consecutive month to 6.8%
Inflation fell for the second consecutive month in July to 6.8%, down from 7.9% in June, as the energy price cap and the slowing of food costs helped drive down prices. According to the latest figures from the Office for National Statistics, the easing in the annual inflation rates in…
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1 AugustEconomy
Falling inflation may be halted as Russia pulls out of grain deal, BRC warns
The British Retail Consortium (BRC) has warned that falling inflation is likely to slow after Russia withdrew from the Black Sea Grain Initiative despite seeing annual shop price inflation drop to 7.6% in July. This figure is down from 8.4% in June and represents the lowest inflation figure in 2023…
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Jul- 2023 -28 JulyHigh Street
UK loses 6,000 storefronts in five years
The UK high street has lost over 6,000 storefronts in the past five years as the vacancy rate increased to 13.9% in Q2 2023, according to the latest figures from the BRC-LDC Vacancy Monitor. The Q2 performance was 0.1 percentage points worse than Q1, however it is 0.1 percentage point…
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