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| bd139:
Don't confuse commercial property with retail property. Totally different markets. The latter is a shit show and always has been. The last 6 months have really killed it dead though. Commercial property is very different and still in massive demand. |
| coppice:
--- Quote from: nctnico on July 16, 2020, 01:41:52 pm ---But in the end you'll need tenants. Over here online shopping is killing retail and the Corona crisis has accellerated that. Many older people who used to go to shops are now shopping online and it remains to be seen whether they will be going back to the shops now they found out about online shopping (which usually has a much much wider choice compared to a shop). --- End quote --- In the 80s every new supermarket in the UK was huge, and it usually caused 2 or 3 smaller supermarkets in the area to close. My uncle fitted out point of sale systems in those places, and it seemed every time I saw him they had just done another store with more checkouts than anything before it. Now the big supermarket chains all operate a network of mini-supermarkets alongside their massive ones. A lot of retail patterns are fashion based and go around in circles. Right now there are still enough shops to go an see a product before buying it on line. When enough shops have been killed, maybe people will see greater value in stores again. I mostly buy products I'm pretty familiar with on line. I want to see and touch most other things. |
| tom66:
--- Quote from: dunkemhigh on July 16, 2020, 11:59:45 am ---I haven't rented a commercial property, so don't know who pays what. Does the rent cover taxes (in which case it's not such a good deal for the landlord) or does the tenant pay the rates and the landlord just creams off megabucks for zero effort? --- End quote --- In the UK, the tenant pretty much exclusively pays taxes; residential or commercial. There are rate relief schemes for certain tenants, so for instance non-profits pay lower business rates, but generally speaking they are based on property value. I think if landlords had to pay this tax then suddenly there would be huge pressure to reduce it! |
| bd139:
--- Quote from: coppice on July 16, 2020, 02:40:01 pm --- --- Quote from: nctnico on July 16, 2020, 01:41:52 pm ---But in the end you'll need tenants. Over here online shopping is killing retail and the Corona crisis has accellerated that. Many older people who used to go to shops are now shopping online and it remains to be seen whether they will be going back to the shops now they found out about online shopping (which usually has a much much wider choice compared to a shop). --- End quote --- In the 80s every new supermarket in the UK was huge, and it usually caused 2 or 3 smaller supermarkets in the area to close. My uncle fitted out point of sale systems in those places, and it seemed every time I saw him they had just done another store with more checkouts than anything before it. Now the big supermarket chains all operate a network of mini-supermarkets alongside their massive ones. A lot of retail patterns are fashion based and go around in circles. Right now there are still enough shops to go an see a product before buying it on line. When enough shops have been killed, maybe people will see greater value in stores again. I mostly buy products I'm pretty familiar with on line. I want to see and touch most other things. --- End quote --- I want to get them delivered, see them and touch them, then send them back if they're a pile of crap. And that's what I've been doing for ages without incurring parking fees, travel fees and diseased folk. :-// |
| Zero999:
--- Quote from: coppice on July 16, 2020, 12:02:31 pm --- --- Quote from: AndyC_772 on July 16, 2020, 11:55:43 am ---Here in the UK retail has been struggling for years now; both commercial rent and business rates (property tax) are still set at levels which reflect how profitable retail space used to be. They've not been reduced in proportion to the actual profit that a given retail site can now be expected to generate. Unfortunately that means there are a lot of retail spaces becoming (and, crucially, remaining) vacant. The law of supply and demand might mean that commercial rent will come down in time, but that doesn't really apply to taxes. --- End quote --- In the UK retail has several elements in conflict with each other. A key one is that retail parks around the edge of towns have been sucking customers out of city centre retail locations for decades. Now people tend to just focus on the effects of on-line purchases, but retail has been evolving, with changing winners and losers, since cities began. --- End quote --- Technology has being driving that change. Everyone getting cars was responsible for the migration of retail out of towns and cities and now we have the Internet which is driving bricks and mortor retail out of business. We'll keep food retail, as most people still prefer to physically buy it, but it'll be more from smaller shops, in town, than superstores. --- Quote from: EEVblog on July 16, 2020, 06:20:06 am --- --- Quote from: Zero999 on July 14, 2020, 05:46:31 pm ---We have a housing shortage, so why not convert those empty shops to homes? --- End quote --- Because someone owns those shops, it's commercial property, it does not belong to the government. That's like saying my old lab that I own is currently vacant, so the government can just come and take it and give it to someone. Err, nope. --- End quote --- It's odd how everyone thinks everything in other countries is the same, as where they live. . . Many of the shops in the UK are owned by the councils and could easily be converted into residential. The government spends lots of money to house people in private properties, so a lot of money could be saved by converting empty shops, to homes for those who desperately need them. And if you leave your property for too long, the government can come and get it and sell it to someone else. You will receive some money for it, but probably not much. https://www.birmingham.gov.uk/news/article/508/council_seizes_seven_empty_properties |
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