Retailers have joined together in order to warn the government that big named brands could disappear from the high street if urgent action is not taken. An urgent review is being called in relation to business rates, after numerous major stores have fallen into administration. Many stores are facing closure and the government is being called upon to act.
Business rates will rise to 5.6 per cent in April and if this rise does go ahead then it is likely that numerous other big named stores will disappear from the high street.
Retailers that have recently fallen from grace include Peacocks, La Senza and Barratts; all of these were very well known stores that have well known on the high street for years.
The British Retail Consortium last week called on the government to undertake a major review of the proposed business rates.
Business rates have continued to rise despite rent on properties reducing, they have become a great source of resentment for retailers.
Whilst numerous big retailers have gone out of business it has been warned that many small retailers are also at risk and this is something that must be considered by the government.
It remains to be seen whether the government will take action over business rates.