Timpson's Owner Identifies Business Rates as Key Barrier to High Street Revival

Timpson's owner, Sir John Timpson, pinpointed business rates as the primary obstacle hindering the revival of local high streets. Speaking before the House of Lords committee, he criticized the "unrealistic" tax system, noting rates often surpass rents, unfairly favoring online retailers. He questioned the government's commitment to leveling the playing field between online and physical stores, suggesting a lack of will or strategy. Additionally, Timpson highlighted the surplus of retail-only properties as a barrier to diversifying high street offerings, advocating repurposing these spaces to breathe new life into towns. He emphasized the need to adapt to changing consumer habits, acknowledging the oversupply of retail space compared to pre-online shopping eras. Timpson's proposed solution involves transforming vacant retail units into alternative establishments to invigorate local economies.

READ MORE