Tesco, Asda, Sainsbury's and Primark face rates bills whammy in Wales after u-turn
Welsh Government has decided not to give a rates holiday to major supermarkets and other large retail sites.
Supermarket giants and other major retailers will be hit with large bills after Welsh Government cancelled their business rates 'holiday'.
Welsh Government has done a u-turn on plans for every retail, leisure and hospitality property in Wales to get a business rates break - with around 200 large stores and major hotels set to be impacted.
But it has now performed a u-turn with properties with a rateable value of over £500,000 set to lose 100% rates relief - and the money used to help the self employed.
n North Wales this will impact any large supermarket sites with chains like Tesco, Asda, Sainsbury's and Morrisons impacted. For example Tesco in Llandudno Junction will now have to pay out around £500K in rates.
With the supermarkets booming in the crisis they shouldn't struggle to find the cash.
They say it will raise around £100m for an economic crisis fund to support smaller businesses and the self employed.
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https://www.dailypost.co.uk/news/north-wales-news/tesco-asda-sainsburys-primark-face-17975455PS
Experts predict thousands of shops may never re-open
Thousands of shops up and down the country may have closed their doors for the last time this week following the Government's coronavirus lockdown, experts have warned.
More than 20,600 retailers are expected to have pulled their shutters down for the final time by the end of the year, according to new figures, a massive leap on the 4,547 that closed in 2019.
"We expect large retail businesses to now be looking at exactly how many stores they expect to operate in 2021 and beyond in order to trade successfully moving forward.
"They will now make plans to achieve those objectives," said Professor Joshua Bamfield, director at the Centre for Retail Research, which made the estimates. ref Pioneer