Following the recent news that WHSmith and Boots will be closing stores, the British Independent Retailers Association’s (Bira’s) ceo, Andrew Goodacre, says that while the strategic move makes sense for both companies, it also raises questions about the future of retail on the high street.
“Vacant shop premises provide a window of opportunity for independent businesses with different business models,” comments Andrew. “While running a shop is not without its financial challenges, independent retailers do not have to contend with group overheads. This gives them a better chance to make the high street work for them.”
He says that large chains are not leaving the high street because the shops are in poor locations, or have no customers, which suggests an opportunity for new independent businesses. “We believe that government and local authorities should proactively encourage the smaller business to invest in these premises to save the high streets.
“Funding is being made available through various initiatives, and this should be used to encourage new retailer businesses to occupy these sites. The government can play a role by ensuring that business rates relief is increased, and the retail discount is 100% in the first year of the new business starting. Better still would be the removal of all business rates for retail units below £100K RV,” he added.
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