New stores recovery threatened by £800m business rates rise
The rate of store vacancies improved in the third quarter across all retail locations, but physical retail’s recovery is in danger of being held back by an £800m increase in business rates costs.
In the third quarter of 2022, the overall UK shop vacancy rate decreased to 13.9% – 0.1 percentage points better than the second quarter and 0.6 percentage points better than the same period last year, according to the latest BRC-LDC vacancy monitor.
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