Publication | ThinkSet
Why Traditional Retailers Might Actually Have It Worse in the UK
Higher business rates, on top of heated online competition, have made things tough for brick and mortar.
If surging online competition wasn’t enough for traditional brick-and-mortar retailers, things might be harder in the United Kingdom. That country’s retailers—especially those located on high streets that make up the hearts of many communities—are simultaneously being hit with higher business rates.
The story surrounding those rates, which are effectively local taxes, is multilayered and has roots in the Great Recession and connections to the nation’s ongoing political turmoil. To find some clarity, we spoke with Ian Mackie, who leads BRG’s Real Estate & Fixed Asset Valuation practice in the Europe–Middle East–Africa region.