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- 2021 -22 MarchSupermarkets
Iceland spends £150m on deals despite pocketing £40m Covid relief
Iceland’s owners have taken and spent £150m from the supermarket chain since the beginning of the pandemic, despite refusing to repay business rates relief, according to The Sunday Times. The company’s recent investor presentations revealed that Sir Malcolm Waker, Iceland’s founder, used £141m to purchase former shareholder Brait and acquire…
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12 MarchFeatures
A look at what an online sales tax means for businesses
In last year’s Business Rates Review: Call for Evidence, Jesse Norman MP, financial secretary to the Treasury, said the government would explore the potential options of “alternative” property and online taxes which could act as “possible replacements” for rates to tackle the increases in businesses online presence. The proposition would…
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11 MarchSupermarkets
Morrisons remains ‘confident’ despite 62% fall in profits
Morrisons has said it expects to see profits recover this financial year, after it experienced a 62% decrease in pre-tax profits during 2020 due to costs brought on by the pandemic. Last year, the ‘Big-Four’ grocer saw like-for-like sales grow by 8.6%, as consumers flocked to supermarkets throughout the pandemic. …
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11 MarchDepartment Stores
John Lewis swings to £517m loss, warns of further closures
The John Lewis Partnership has swung to a pre-tax loss of £517m in the full-year ended 31 January 2021, down from a profit of £146m reported the year before. This was largely the result of “substantial” exceptional costs of £648m, which included the write down in value of John Lewis…
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5 MarchDepartment Stores
Frasers Group warns of closures amid business rates cap
Frasers Group has warned that the £2m business rates cap announced in the spring budget on 3 March 2021 will make it “nearly impossible” for the group to take on ex-Debenhams sites with the inherent jobs created. The group stated that the cap for businesses from July 2021 to March…
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5 MarchHigh Street
Sales fall 3.1% in Feb despite record online sales
Shuttered high street shops contributed to a 3.1% decline in total like-for-like sales in February but fashion and homeware helped drive online sales to a record high, new figures from accountancy and business advisory firm BDO LLP reveal. According to BDO’s High Street Sales Tracker (HSST), total like-for-like (LFL) sales,…
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5 MarchSupermarkets
Co-op to hold ‘crunch talks’ over relief repayment
The Co-operative Group will reportedly hold a “crunch” board meeting next week to discuss whether it will repay £80m in government support funding, according to Sky News. According to Sky, Co-op directors, alongside chairman Allan Leighton, will now meet next Tuesday to discuss whether the group will repay the funding…
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4 MarchHigh Street
B&M raises FY21 guidance amid strong Q4 trading
B&M has raised its full-year guidance for the financial year ended 27 March 2021, as revenue has risen 22.5% in its fourth quarter to date, despite “uncertainties” remaining regarding the Covid-19 pandemic. Following this strong trading, B&M expects its EBITDA for the full-year to be in the range of £590m…
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3 MarchEconomy
Shop prices continue to fall in February
Shop prices continued to fall in February, down 2.4%, marking the lowest deflation rate since May 2020. According to the latest figures from the BRC-Nielsen Shop price Index, the decline was below the 2.2% experienced in January and is also below the 12- and six-month average price decreases of 1.7%…
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1 MarchSupermarkets
Sainsbury’s hikes pay of frontline staff
Sainsbury’s has announced it is increasing the pay for its frontline employees this month, and is awarding them a third one-off payment in “special recognition of their incredible efforts to help to feed the nation through the pandemic”. From March onwards, the hourly rate of pay for Sainsbury’s and Argos…
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