Tue Feb 04, 2020 1:09 pm
Tue Feb 04, 2020 4:15 pm
Tue Feb 04, 2020 7:02 pm
Mon Feb 17, 2020 7:21 pm
Shoe Zone: Retailer warns 100 shops could close
Shoe Zone has warned that it could be forced to close a fifth of its stores if business rates do not change.
The retailer will close 100 of its UK stores unless the property tax is overhauled.
Boss Anthony Smith told the BBC: "If people want vibrant High Streets, they really do need retailers like us to keep our shops open in smaller towns."
Retailers have called on HM Treasury to reform business rates in the Budget scheduled for next month.
Business rates are similar to council tax for business properties. They are paid by businesses, or landlords if a property is empty.
Mr Smith told Wake Up to Money that although rents had fallen across its 500 shops, the amount it pays in business rates had increased from 26% to 54% over the last 10 years.
Mr Smith said: "There is a lot of talk about the regeneration and repurposing of town centres, which we are all up for. But whatever goes into those shops, the rateable value is still simply too high."
The rateable value is set by the government's Valuation Office Agency. It determines how much a firm has to pay in business rates, based on the value of the property.
He added: "It's a simple maths question. Every time a lease comes up, we'll look at the mathematics of it. If we are not making any money out of it... the shop will unfortunately close."
In 2019, the firm's former chief executive Nick Davis stepped down, warning that profits would be lower than expected.
Anthony Smith was previously chief executive of the brand for 20 years, and last year took the role on again.
He told the BBC that the firm is closing about 20 stores each year, but pointed out that sales online and in out-of-town areas were "going well".
Tue Feb 18, 2020 12:21 am
Waterstones respond to Nuneaton closure rumours
Waterstones bosses have responded to fears about the future of its store in Nuneaton town centre.
A 'To Let' sign has been spotted at the front of the store in Queens Road.
This has prompted concerns on social media that the town could be losing another big name.
CoventryLive contacted Waterstones for a comment in regards to the local store.
In a statement the firm explained that the lease is coming to an end - but they hope to renegotiate a new one.
“The lease to our Nuneaton shop comes to an end shortly," the statement reads.
"We have yet to agree new terms with the landlord who in the meantime is marketing the shop.
"We would prefer to reach sensible terms with the landlord and remain, as is our experience in most such cases.”
On Saturday (February 15), the doors closed on another store just yards away from Waterstones - Game.
The store tweeted on Thursday that, due to 'circumstances beyond our control' it was having to close on Saturday.
CoventryLive has contacted the national firm.
Only a few weeks ago, HMV closed its doors in the Ropewalk Shopping Centre.
Wed Mar 04, 2020 10:36 pm
'Has FlyBe just ceased operating in front of my eyes?' Passengers are turned away and flights cancelled with 'planes impounded at airport' - but ailing airline blames 'miscommunication'
Wed Mar 04, 2020 11:34 pm
Thu Mar 05, 2020 3:07 am
Thu Mar 12, 2020 1:02 am
Bedworth shop to close at end of week
A Bedworth travel agents is closing down.
Bosses at TUI - formerly Thomson - have confirmed that the All Saints Square-based store is closing this week.
It means those looking to book a break away in the town will have to travel to what will become their nearest branch in Nuneaton.
The store will close its doors for good on Friday (March 13).
In a statement provided to CoventryLive, a spokesman said: "We can confirm that TUI’s Bedworth store will be closing on 13th March 2020 and we would like to thank our retail colleagues for all their hard work.
"We’re always looking for opportunities to become more effective and efficient.
"This is a continual process to ensure we’re evolving our business and ensure our stores are in the right places and we’ll continue to open, close and relocate stores.
"Local customers will still be able to visit our store just a few miles away in Nuneaton."
Tue Mar 17, 2020 7:10 pm