Rates bills rocketing for West End luxury brandsComments Off on Rates bills rocketing for West End luxury brands
The likes of Alexander McQueen and Burberry will face another hike in business rates next month, putting further strain on London’s West End brands, new data showed on Friday.
Shops in Old Bond Street and New Bond Street will be paying more than £90 million in business rates this year, nearly £50 million higher than before the revaluation in 2017, property agent Colliers International said.
Luxury brands face the rises due to their property values climbing. Burberry’s business rates bill was £935,770 in 2016. It will now be £2.6 million, up from £1.8 million last year.
Dior paid £1.1 million before the overhaul and is now set to pay £2.7 million, up from £2.2 million last year. High Street retailers have blamed the steep rises in business rates that followed the 2017 revaluation for their financial travails, calling for an overhaul as online competitors such as Amazon pay much less.
John Webber, head of business rates at Colliers International, added: “It would be unrealistic to presume that even the top brands will be immune from such massive increases.”