Selfridges sees business rates triple after being stung with £17m bill for for its flagship Oxford Street store

City & Finance Reporter for the Daily Mail

Selfridges will shell out £17.4million 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 £45million 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 £2.6million, according to property consultant Altus Group.

Selfridges  is one of 8,000 properties in London's West End braced for a £45million hike to their combined rates bill for 2019/20

Selfridges  is one of 8,000 properties in London's West End braced for a £45million hike to their combined rates bill for 2019/20

Selfridges is one of 8,000 properties in London’s West End braced for a £45million hike to their combined rates bill for 2019/20

Meanwhile, the rates contribution for Debenhams’ Oxford Street shop will hit £5.4million – a 60 per cent 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.

 



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