BRC claims 400 of Britain’s biggest stores at risk from proposed business rate increase

New research conducted by the British Retail Consortium (BRC) has found that 400 large format stores in Britain would be at risk of closure if the UK government forces them onto its proposed higher business rate tax band.

It says there are around 4,000 such stores with a rateable value over £500,000, currently employing around a third of the retail industry’s three million workers. 

Acting as anchor tenants in shopping centres and leisure areas, the BRC says these large stores also support cafes, pubs, and smaller independent stores around them.

The BRC claims increased employment costs, taxes, and increasing business rates have already caused around 1,000 of these to close in the last five years. It is warning that another 400 could disappear if they are forced to pay higher business rates, costing up to 100,000 jobs and a loss of more than £100 million in business rates.

It has called on the UK’s Chancellor to use the upcoming autumn Budget to exclude large shops from the new higher business rates band.

“This would not cost the Exchequer a penny, yet would help secure the future of 400 retail stores, and the communities they support, right across the country. But failure to act risks shuttering hundreds more stores, costing jobs, communities and the economy far more in the long run,” comments Helen Dickinson, Chief Executive at the BRC.

“Britain’s largest shops are magnets, pulling people into high streets, shopping centres and retail parks, supporting thousands of surrounding cafes, restaurants and smaller and independent shops. After years of rising costs, far too many stores have disappeared – leaving behind empty shells that once thrived at the heart of our communities.” 

“Four hundred more large stores could disappear if the government forces them into its new higher tax band. This would mean up to 100,000 jobs lost, emptier high streets, and less revenue for the Exchequer.”

2025 RTIH INNOVATION AWARDS

Physical stores will be a key focus area at the 2025 RTIH Innovation Awards.

The awards. which are now open for entries, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.