Almost three-quarters of London Designer Outlet’s retailers will not benefit from business rates reforms announced by the chancellor this week, its developer has said.
Philip Hammond announced plans to cut business rates of retailers with a rateable value of less than £51,000 in the Budget.
Angus Dodd, CEO of property developer of Quintain, told the Evening Standard “of 70 stores, restaurants and bars, at least 52 will be outside Philip Hammond’s focus on small businesses”.
The reduced-price outlet destination celebrated its fifth anniversary last month. Total revenues were up 6.3% year on year, and it recorded its 20th consecutive quarter of sales growth.
Footwear performed well, and recorded a year-on-year increase of 18% as a result of strong performance by Converse’s first standalone store at the outlet. A sales increase of 11.3% for athleisure demonstrated the ongoing strength of the trend.
London Designer Outlet will be the first UK shopping centre to offer home and office delivery from 1 December via app-based store-to-door delivery service Dropit.