Published by Power to Change:
The Covid-19 pandemic has pushed many UK businesses deep into financial crisis, but not all have suffered equally. In fact, the pandemic has produced some unlikely winners in the retail sector.
Those categorised as providing “essential” services have in many cases increased their revenues and profits. So, I was pleased to read this week that B&Q has joined Tesco, Sainsbury’s, Aldi and Morrison’s, among others, in returning more than £2bn of the business rate relief they collectively received. Clearly, these retailers didn’t need it.
But there have also been many losers. Many on the high street have experienced such punishing losses that retailers including Debenhams and Topshop owner Arcadia are on the cusp of permanent closure.