Chancellor of the Exchequer Philip Hammond PA Wire/PA Images MPs say they are “increasingly concerned” about the impact of business rates on high street retailers after questioning if they were still “fit for purpose”. Treasury committee chairwoman Nicky Morgan said MPs were likely to scrutinise business rates further as part of its Autumn Budget inquiry later this year. Mrs Morgan made the comments after publishing a letter from chancellor Philip Hammond in which he said the government “recognises that business rates can represent a high fixed cost for some businesses”. Mrs Morgan wrote to Mr Hammond in June about the committee’s concerns around the “financial burden” of business rates on the high street, asking if the chancellor believed business rates were still fit for purpose and if the treasury had analysed the competitive advantage for businesses that focused on online sales. READ MORE: Are business rates changes to blame … [Read more...] about Business rates: Now treasury committee raises concerns at impact on high street
High street retailers
Apple’s repair rival iSmash expands amid high street closures
A chain that repairs cracked screens on iPhones plans to swoop on vacant stores left by recent high street retailer closures as it continues to expand. iSmash, which offers same-day screen repairs across 26 cities in the UK, will open 70 new shops by the end of 2020. Julian Shovlin, chief executive, who formed the chain shortly after leaving university, said: “It is sad, but people need to adapt and offer something different than just products. “They need to offer an experience or service. Mobile networks are seeing this and investing in service and after-sales, giving them a reason to come back.” Screen repairs are a controversial venture, once confined to the back rooms of corner shops. Apple... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per week … [Read more...] about Apple’s repair rival iSmash expands amid high street closures
Around 1,500 jobs are at risk as Poundworld becomes latest high-street name to struggle
PUBLISHED: 14:13 26 April 2018 | UPDATED: 14:58 26 April 2018 Customers queuing for Poundworld in Ipswich when it first opened. Picture: Archant. Archant Around a third of Poundworld’s stores could be shut under a restructuring plan which would put more than 1,500 jobs at risk. The discount retailer is considering a Company Voluntary Arrangement (CVA), an insolvency procedure which would allow it to slash its rents and close outlets. The plans suggest that Poundworld could close 100 of its 355 stores in the UK, but has not revealed which locations could be at risk. In East Anglia, it has shops in Ipswich’s Tavern Street, Norwich Castle Mall, King’s Lynn’s Vancouver Centre, Cromwell Retail Park in Wisbech and George Yard shopping centre in Braintree. Rising costs and a squeeze on consumer spending has forced several household names to pursue CVAs this year, including New Look, Byron, Prezzo and Carpetright. Poundworld, which is owned by private equity firm … [Read more...] about Around 1,500 jobs are at risk as Poundworld becomes latest high-street name to struggle
East Anglian electrical chain fights falling high street footfall with online investment
PUBLISHED: 13:25 17 April 2018 | UPDATED: 14:21 17 April 2018 Sarah Chambers Robert Hughes. Picture: SIMON FINLAY Archant © 2011 01603 772434 An East Anglian electrical retail chain has succeeded in countering falls in high street footfall by investing heavily in its online offer. Hughes Electrical managing director Robert Hughes said the investment was paying off, with 14 times more onlines sales per head of population within 10 miles of one of its 40 stores. East Anglian high streets saw shopper numbers fall by 5.6% in March compared to the previous year, figures released by , partly driven by weather, but partly by long-term trends, BRC-Springboard Footfall and Vacancies Monitor show. Across the UK, the average drop in footfall was even greater at 6%. “Electrical products tend to be a considered purchase with the majority involving both online and instore research - 58% of all purchases are then made in store, 35% online and seven per cent through click and … [Read more...] about East Anglian electrical chain fights falling high street footfall with online investment
Beast from the East delivers biggest drop in high street sales in almost a decade
PUBLISHED: 13:10 06 April 2018 Josie Clarke Sudbury shoppers brace the snowy conditions. Picture: GREGG BROWN The Beast from the East caused the biggest fall in high street retail sales for nearly 10 years, figures show. Year-on-year sales dropped by 10.1% for March, according to BDO’s High Street Sales Tracker (HSST). The only time a single month has seen a more severe dip was November 2008, when the UK was simultaneously battling snow and a global financial crisis. It was also the worst month on record for fashion sales, which were down 12.7% year-on-year, and homewares, down 13.2%. Sales of lifestyle goods rallied thanks to Mother’s Day, but the sector’s year-on-year dip of 4.5% for the month was still the second worst on record. But the month’s two snowstorms affected online sales as well, with year-on-year growth of 11% the lowest monthly increase since December 2015. The news is likely to be little better looking ahead to April, with the tracker … [Read more...] about Beast from the East delivers biggest drop in high street sales in almost a decade