The rise in popularity of online shopping means more and more brick and mortar stores are closing. In 2017, there was a 60% boost in traffic on Cyber Monday, while the year saw a 4.5% reduction in high street sales.
With January Sales also coming up, it’s anticipated that the internet will become more popular once again. In January 2018, 17.8% of retail sales were purchased online. This has led to many stores closing. In 2018, over 1,200 high street stores shut their doors for the last time. New Look was one big-name casualty, with 85 stores closing over the year. Other brands to feel the pinch included Toys R Us, Mothercare and Carpetright, while the casual dining sector was also affected – Jamie’s Italian being one of the worst affected, with the Jamie Oliver Restaurant Group confirming earlier in 2018 that it was to close a third of its UK sites.
However, if you’re the landlord of a building that is being left vacated due to the high-street crash, fear not. There is still plenty to be done to make the most of your space. Here at Fuse Media, we can help you reduce your business rates liabilities.
Following the government’s introduction of 100% business rates charges on any empty commercial properties in 2008, landlords have looked at ways they can get away from this tax liability. We can help you with your rates mitigation by establishing a beneficial occupation once the high street company’s lease ends. This will help your property once again qualify for empty property rates relief.
Get in touch with us today to find out exactly how much we can save you.