SELFRIDGES STUNG WITH £17m BUSINESS RATES BILL
SELFRIDGES will shell out £17.4m on business rates for its flagship shop in Oxford Street this year – almost triple what it paid in 2018.
The upmarket department store is one of 8,000 properties in London’s West End braced for a £45m hike to their combined rates bill for 2019/20.
Burberry’s store on New Bond Street will suffer one of the biggest increases, with its bill soaring from £935,770 to £2.6m, according to property consultant Altus Group.
Meanwhile, the rates contribution for Debenhams’ Oxford Street shop will hit £5.4m – a 60pc rise on a year earlier. The department store group is scrambling with lenders to secure a lifeline and stave off collapse. Bosses have blamed rising costs, including business rates, for contributing to its troubles.
The Mail has been campaigning for a major overhaul of business rates and a level playing field between traditional bricks and mortar retailers and online firms such as Amazon.
Marks & Spencer, Debenhams and House of Fraser are all shutting shops in a battle to stay afloat.