Retail news round-up: Tesco benefits from business rate cut, high street reports boost in sales owing to Easter, and Burberry to report surge in sales
Tesco benefits from business rate cut
Tesco may see a £105m cut in business rates on its biggest stores over the next five years, The Guardian reported.
Data from the business rates specialists CVS reveals that Tesco’s bill for its biggest stores in England and Wales will decline from £450m to £437m.
CVS determines that Tesco will save £105m in rates under the revaluation for its largest stores.
UK high street reports boost in sales during Easter
The UK retail sector reported an increase in footfall and card spending during the Easter weekend, The Telegraph reported.
According to Barclaycard, in-store purchases increased 14% year-on-year on Good Friday and Saturday, with online transactions rising 26% compared with 2016.
The spending on leisure activities increased 16%, compared with a 12% increase in retail.
Data from Springboard showed a 1.2% year-on-year increase in high-street footfall during the Easter weekend.
Burberry to report surge in its fourth-quarter sales
Burberry is expected to report a 3% to 4% increase in fourth-quarter sales, owing to the demand for luxury products in the UK and China, the Daily Express reported.
The decrease in the value of the pound has urged shoppers from the US and Asia to flock to Britain.
According to analysts at Bernstein, total revenue may increase 14% to £1.6bn.
Total retail revenues may surge 19% to £1.3bn over the period.