15 shops are closing on High Street every day
RETAIL chiefs have renewed calls for an overhaul of business rates in the face of 15 shops closing every day.
They said the £900million relief offered by Chancellor Philip Hammond was only a sticking plaster and wider reform was needed.
A record 2, 92 shops, supermarkets, cafes and other high street businesses shut down in the six months to July – 15 a day. Only 1,5 9 opened, for a net loss of 1,123 shops, according to consultants PwC.
Richard Walker, managing director of Iceland, said traditional retailers were being hammered while online giants such as Amazon paid ‘peanuts’ in tax.
‘We have an out-of-date tax mechanism that’s only targeting bricks and mortar retailers,’ said Richard Walker, managing director of Iceland.
‘The online behemoths are hitching a free ride on our national transport infrastructure and all the other public services.’
Lisa Hooker, a retail expert at PwC, said: ‘The turmoil facing the sector is unlikely to abate. Store closures already announced in the second half of the year already will further intensify the situation.’
The Mail is campaigning for a level playing field on rates.