"Worse to come" for retailers

The British Retail Consortium (BRC) has warned that new research shows retailers stand to suffer huge increases in their rates bills as a result of the 2010 revaluation.

According to figures from GL Hearn and Investment Property Databank, retailers will face a 16 per cent increase in their bills from April 2010.

However, other commercial property occupiers will not be as hard-hit, with the rise for offices said to be 3.1 per cent and for industrial space 1.5 per cent.

Stephen Robertson, director general of the BRC, said the extra costs will filter through to customers through higher prices.

"This research provides worrying evidence that retailers, already suffering the economic slowdown and increases in property costs, have worse to come."

He added that the government should help keep prices down by looking again at the basis of the revaluation and reintroduce empty property rates relief.

The BRC aims to make life easier for retailers through campaigning, giving advice and improving the perceptions of retail.

Martin Slowe Property Services are Commercial Property Consultants offering a full range of Commercial Property Services.