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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Mar- 2022 -16 MarchHigh Street
Retail sales monitor shows ‘cause for optimism’, Bira says
The British Independent Retailers Association (Bira) has said there is “cause for optimism” after the recent BRC-KPMG retail sales monitor for February 2022 which revealed that UK retail sales increased 2.7% on a Like-for-like basis from February 2021. According to the BRC the performance comes on top of an improved…
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Feb- 2022 -21 FebruaryEconomy
Bira welcomes sales rise, but warns ‘all is not well’
The British Independent Retailers Association (Bira) has said it is “pleased to see a rise in retail sales”, but warned retailers against “falling into the trap of thinking all is well”. It was commenting on the recently released figures by the Office for National Statistics (ONS) for the UK retail…
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18 FebruaryCoronavirus
135,000 retail jobs lost amid pandemic
Almost 135,000 traditional retail jobs were lost during the course of the pandemic, according to an analysis of figures from trade union GMB. It found that in 2019, there were an estimated 1.2 million sales and retail assistants, retail cashiers and check-out operators in the UK. By 2021, however, this…
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18 FebruaryNews
Retail sales up 1.9% in January 2022
Retail sales volumes rose by 1.9% in January 2022 following a fall of 4.0% in December 2021, according to the latest figures from the Office for National Statistics. It also revealed sales volumes were 3.6% above their pre-coronavirus (Covid-19) February 2020 levels. Non-food stores sales rose by 3.4% as home…
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Jan- 2022 -28 JanuaryHigh Street
Store vacancy rate improves for first time since 2018
New research has found the number of vacant stores has decreased for the first time since 2018, according to the latest BRC-LDC Vacancy Monitor. In Q4, the GB store vacancy rate fell to 14.4%, 0.1 percentage points below the Q3 level. Shopping Centre vacancies improved to 19.1% for Q4, a…
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20 JanuaryHigh Street
WH Smith shareholders rebel over CEO bonus
WH Smith has seen its shareholders rebel over its plans to pay its chief executive Carl Cowling a £550,000 bonus, with 46% of the votes at its AGM cast against its remuneration report. The bonus is to go ahead after it received 54% approval, however when taking into account those…
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Dec- 2021 -21 DecemberCoronavirus
Sunak unveils £1bn support package for Omicron-hit businesses
Chancellor Rishi Sunak has announced a further £1bn support package for businesses impacted by the new Omicron variant. As part of the support, businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises. There will also be more than…
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Nov- 2021 -18 NovemberDepartment Stores
House of Fraser to close its Oxford Street store
Mike Ashley’s Frasers Group has confirmed that its flagship store on London’s Oxford Street is to close permanently. The retailer revealed that it had been served its notice by the landlord after planning permission was granted to redevelop the site. Frasers added that since it acquired the site in 2018…
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4 NovemberEconomy
Footfall improves during October
October footfall saw a “noticeable improvement” to -13.4% lower than in 2019 compared with -17.4% in September, according to the latest figures from Springboard. The final week of the month, which included the October school half term, was “pivotal” in boosting footfall, shifting the average from -14.3% over the first…
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Oct- 2021 -27 OctoberGovernment
Chancellor unveils 50% rates discount for Retail, Hospitality and Leisure
Chancellor Rishi Sunak has unveiled a 50% discount on business rates for the hospitality, retail and leisure sectors (up to £110,000), equating to a business tax cut worth £1.7bn, the biggest single-year rates cut for firms in over 30 years. Unveiling his latest Budget in the Commons today (27 October),…
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