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

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

Selfridges sees business rates triple after being stung with £17m bill for for its flagship Oxford Street storeBy City & Finance

Hillary and Bill Clinton cause a stir as they arrive to see To Kill A Mockingbird on Broadway
'The Daily Show' Roasts TV Stations Over R. Kelly Coverage With Bill Cosby Clip
What is Monica Lewinsky doing now and when did she work at Bill Clinton’s White House?


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.

 

COMMENTS

WORDPRESS: 0
DISQUS: 0