High Street Revival?

Saving Our Shops...

In his Autumn Budget delivered 29 October 2018, Philip Hammond made any number of promises. 

One of these promises is intended to improve the lack-lustre retail sector in our town centres.

There is no doubt that the major online retailers, Amazon and the like, have caused a major shift in the way many of us shop.

As faster broadband becomes more commonplace, and the use of computers a regular home fixture, then the drift away from viewing and buying goods on a shelf to viewing pictures and click and buy on the internet, will probably continue.

Which of course is fine if you own a thriving internet retail business, but not so good if you are committed to using expensive retail premises in town centre locations.

At present, online retailers have a massive competitive advantage over their High Street competitors because they don’t have to pay:

• business rates or rent for shop front property
• salaries to sales staff.

And additionally, in the case of the mega online retailers, they often use tax havens to shelter their trading profits so don't even pay comparable tax on their trading profits.