High street ‘hit harder than online retailers’ by business rates
0High street stores are enduring higher rises in business rate bills than online retailers, according to new research. Data from rates adviser Altus Group, reported in the Financial Times, found that the average rates bill for department stores in England and Wales rose 26.6% over 12 months to April this year.
Meanwhile, online clothes retailers Asos and Shop Direct are paying less on their distribution centres. Amazon is paying just 0.7% more.
Robert Hayton, head of business rates at Altus, told the FT: “Traditional bricks and mortar retailing is property intensive, leading to a larger tax to turnover ratio and, if left unchecked, could lead to the substantial extinction of the high street.”
Share
