UK retailers report 2.2% drop in December footfall, ending ‘disappointing year’ – business live
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Back to the shopping footfall, the BRC pins part of the problem on the fact that high street shops have not had the extra cash to invest in the kind of ‘experiences’ that can lure consumers. BRC CEO Helen Dickinson says that is partly the fault of high taxes and burdensome regulations. Retailers are currently fearing a pinch from a hike in employer national insurance contributions and the minimum wage.
Dickinson says:. Shopping habits have been changing fast and customers are increasingly looking for more experiential shopping, as well as a variety of cafes, services and things to do. Unfortunately, investment in town centres and high streets is held back by our outdated business rates system, which penalises town and city centes.
The government’s proposals to reform business rates may ease the burden for some retailers, but it is vital that, ultimately, no shop ends up paying more in rates than before. With retailers facing £7bn in additional costs this year from increased tax and regulations, the changes to the business rates system must be made in way that supports retail investment and growth in the years ahead.
Markets have opened for trading on this chilly Friday morning and we’ve got a mixed picture across Europe:. FTSE 100 is flat. France’s CAC 40 is down 0.2%. Spain’s IBEX is up 0.1%. Germany’s Xetra DAX is flat. Italy’s FTSE MIB is down 0.35%. Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
