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With an estimated £5bn of sales expected to be made over Black Friday weekend (spanning Thursday 24 November through to Cyber Monday, 28th November), this year is set to see a decline in shopper traffic on the High Street, as retailers extend their promotional strategies.
This 2.8% drop in 2016 Black Friday footfall follows a decline in shopper traffic of 4.05% year-on-year on Black Friday 2015.
Failure to reduce tax could send some businesses over the wall.
Whilst the Chancellor's commitment to reduce the cap on next year's increase for large properties – over a rateable value £100,000 – from 45% to 42% in 2017-18, and then from 50% to 32% the year after will be welcomed by some, failure to give businesses the tax reduction they deserve could send some to the wall.
Against a backdrop of solid retail property company results, the mood amongst UK delegates at MAPIC is one of opportunity rather than optimism.
There’s a feeling here that the sector is well-positioned to capture value, but there’s an air of nervousness in advance of what will undoubtedly be a turbulent year ahead.
Edward Cooke, Chief Executive said:
“These latest changes come seven years after the last review in 2008, demonstrating the clear and pressing need for more frequent valuations in order to make this tax more responsive to current conditions.
“It is well-known that the UK has the highest property taxes of any major developed country. This latest round of revaluations adds further tax burden on what already constitutes the biggest operating cost for many retailers...
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