NGA urges Senate to pass comprehensive tax reform to create a more level playing field for supermarkets operating as pass-through businesses

ARLINGTON, Va., 2017-Nov-29 — /EPR Retail News/ — The National Grocers Association (NGA), the trade association representing the independent supermarket industry, and 152 state trade associations and food retailers today urged the U.S. Senate to pass comprehensive tax reform that creates a more level playing field for supermarkets operating as pass-through businesses.

In a letter to Senators, the grocers expressed support for the Tax Cuts and Jobs Act, but contend that the bill falls short of achieving rate parity between C-corporations and pass-through entities, which make up nearly half of NGA’s member companies. The proposed effective tax rate on qualifying pass-through businesses would be approximately 32 percent, or 12 percent above that of C-corporations.

“America’s pass-through independent supermarkets are a large and vital part of the economy and the new lower business tax rate needs to reflect their importance by being broadly applied and effectively enforced,” the group wrote to senators. “We urge Congress to support reforms that create a more level playing field for Main Street supermarkets so they can grow their businesses and create local jobs.”

In September, House and Senate leaders released a Unified Framework that pledged to treat pass-through businesses fairly in relation to their corporate competitors and called for a rate differential of five percentage points. The Senate bill ignores this promise and sunsets the pass-through deduction in seven years.

“Independent supermarkets are driving innovation in the marketplace. From implementing e-commerce strategies to developing new formats that enhance the customer experience, independent grocers are truly leading the way. We know tax reform can help these entrepreneurs to continue to invest in their communities, employees, and communities. We look forward to working with you and your colleagues to grow this important sector of the economy,” the letter concludes.

Contact:

Tel: (703) 516-0700
Fax: (703) 516-0115

Source: NGA

British Land launches new workspace brand for businesses seeking additional space on flexible terms

British Land launches new workspace brand for businesses seeking additional space on flexible terms

 

London, 2017-Jun-21 — /EPR Retail News/ — British Land has launched Storey, a new brand providing flexible workspace for ambitious and growing businesses as well as larger organisations seeking additional space on flexible terms.

Created to fill a clear gap in the London office market which customers say is not being satisfied, Storey provides offices for companies employing between 20 and 70 people who have outgrown co-working space and whose needs have evolved. Storey also suits existing or larger office customers seeking project or shorter term space on top of their core requirements.

Storey will operate within British Land’s existing London assets, predominantly at its Broadgate, Paddington Central and Regent’s Place campuses. These have a critical mass of office customers and offer the ideal environment for ambitious organisations looking to grow. Storey customers will be able to access facilities traditionally reserved for larger organisations and automatically benefit from the broader campus environment where a focus on wellbeing also supports growth and productivity.

Storey will add to the evolving mix of these campuses, where additional retail and leisure uses have been introduced to adapt to modern workplace trends. All three campuses are on key London transport hubs, with Crossrail due to arrive at Paddington Central and Broadgate soon.

Storey’s simple and flexible workspace can be branded with an individual company’s identity. Supported by British Land’s property management arm, Broadgate Estates, it will ensure a seamless and reliable service. Space can be fully tailored to customers’ needs, with leases adaptable to their individual circumstances.

Chris Grigg, Chief Executive, British Land, said: “British Land concentrates on three core principles: understanding our customers so we can respond to their needs; creating great environments both within our buildings and their broader environments; and using our scale, expertise and long-term outlook to deliver value across our portfolio.

“Not only does the combination of these differentiate us, it also led us to develop Storey for a different customer base. By understanding the needs of ambitious SMEs and project teams, providing the right space for them and removing the hassle of running an office, it allows them to focus on their own businesses.

”We have the benefit of owning the buildings in which Storey will operate giving us much greater control of the service and experience customers receive, such as the quality of the technology and continuity of the Wi-Fi, one of the top frustrations identified in our research.”

Leases will be simple, jargon-free and all-inclusive, covering rent, business rates and service charges, secure, fully backed-up WiFi, reception service, cleaning and maintenance and office furniture. Storey will offer shared facilities including showers, bike racks, shared kitchen areas and meeting and collaboration space.

80,000 square feet of flexible workspace is already being fitted out. An additional 80,000 square feet of space has been earmarked for a further wave of Storey openings over the rest of the year.

The initial Storey locations will be at 18-20 Appold Studios and 2 Finsbury Avenue, both at Broadgate; and at International House, Ealing Broadway.

Notes to Editors

About British Land
Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £19.1 billion (British Land share: £13.9 billion) as at 31 March 2017 making us one of Europe’s largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles – Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 48% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. Our industry-leading sustainability performance led to British Land being named a European Sector Leader in the 2016 Global Real Estate Sustainability Benchmark for the third year running.

In April 2016 British Land received the Queen’s Award for Enterprise: Sustainable Development, the UK’s highest accolade for business success for economic, social and environmental benefits achievements over a period of five years.

Further details can be found on the British Land website at www.britishland.com.

Enquiries:
Media
Charlotte Whitley
British Land
0207 486 4466

Giles Barrie
FTI Consulting
0203 727 1042

Source: British Land

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Toys“R”Us unifies its Japan, Greater China and Southeast Asia businesses

WAYNE, NJ and TOYKO, JAPAN, 2017-Apr-14 — /EPR Retail News/ — Toys“R”Us, Inc. today (April 11, 2017) announced that it has entered into an agreement to unify its Toys“R”Us, Japan business with its Toys“R”Us business in Greater China and Southeast Asia, a joint venture between Toys“R”Us, Inc. and Fung Retailing Limited. Under this agreement, Toys“R”Us, Japan, which operates 160 stores in the country, will become part of Toys“R”Us, Asia Ltd. The combined business will now be approximately 85 percent owned by Toys“R”Us, Inc. and approximately 15 percent owned by Fung Retailing.

Toys“R”Us Asia Ltd and its subsidiaries operate 223 stores in Greater China and in the Southeast Asia markets, which includes Toys“R”Us stores in Brunei, China, Hong Kong, Malaysia, Singapore, Taiwan and Thailand, and licenses an additional 34 stores in the Philippines and Macau. Andre Javes, President, Toys“R”Us, Asia Pacific, will continue to oversee all operations of the combined businesses, as well as Toys“R”Us, Australia.

“This expansion marks another milestone for Toys“R”Us as a global company,” said Dave Brandon, Chairman and Chief Executive Officer, Toys“R”Us, Inc. “The businesses are highly complementary with regards to markets, products and technology, and we believe that the strategic decision to consolidate them will allow us to streamline operations and accelerate innovation to continue to deliver a world-class experience for our customers in Asia. We look forward to working more closely with Fung Retailing, our trusted and valued business partner, as we further our mission to be the best toy and baby products retail company for the world.”

The Chairman of the Fung Group, Dr. Victor K. Fung said, “We have been involved with Toys“R”Us in Asia since 1985 and are pleased to expand our partnership to include Japan. Toys“R”Us is one of the most recognized brands in the world, and our goals for the combined business are to leverage the synergies between the businesses and delight a new generation of consumers with significant purchasing power across the region.”

The combined company will be headquartered in Hong Kong, while a regional office will continue to operate in Kawasaki, Japan, where Toys“R”Us, Japan is based.

About Toys“R”Us, Japan
Toys“R”Us, Japan, a subsidiary of Toys“R”Us, Inc. employs approximately 6,600 associates in Japan. The company currently operates 160 Toys“R”Us and Babies“R”Us stores nationwide (as of April, 2017), as well as the Toys“R”Us/Babies“R”Us Online Store (www.toysrus.co.jp), carrying quality products from trusted domestic and international manufacturers.
Toys“R”Us-Japan, Ltd. www.toysrus.co.jp/corporate/CSfCompany.jsp#
Toys“R”Us/Babies“R”Us Store Locations www2.toysrus.co.jp/store
Toys“R”Us/Babies“R”Us Official Facebook facebook.com/toysrusjp/facebook.com/babiesrusjp
Toys“R”Us/Babies“R”Us Official Twitter twitter.com/toysrus_jp / twitter.com/babiesrus_jp
Toys“R”Us/Babies“R”Us Official Instagram www.instagram.com/toysrus_jp/
Toys“R”Us/Babies“R”Us Official LINE line.me/ti/p/@toysrus_jp

About Fung Retailing Limited
The retailing businesses of privately-held Fung Retailing Limited extend from Greater China to Korea, Singapore, Malaysia, Thailand and the Philippines through a combined network of over 2,700 stores. They include stores operated separately and independently by publicly-listed Convenience Retail Asia Limited (SEHK:00831) and Trinity Limited (SEHK:00891), as well as the privately-held Branded lifestyle Holding Limited, Fung Kids (Holdings) Limited, Toys“R”Us (Asia) Limited and Suhyang Networks Company Limited. Fung Retailing employs over 16,000 staff, and its turnover exceeded US$1.85 billion in 2015.

About Toys“R”Us, Inc.
Toys“R”Us, Inc. is the world’s leading dedicated toy and baby products retailer, offering a differentiated shopping experience through its family of brands. Merchandise is sold in 883 Toys“R”Us and Babies“R”Us stores in the United States, Puerto Rico and Guam, and in 795 international stores and 254 licensed stores in 37 countries and jurisdictions. With its strong portfolio of e-commerce sites including Toysrus.com and Babiesrus.com, the company provides shoppers with a broad online selection of distinctive toy and baby products. Toys“R”Us, Inc. is headquartered in Wayne, NJ, and has an annual workforce of approximately 60,000 employees worldwide. The company is committed to serving its communities as a caring and reputable neighbor through programs dedicated to keeping kids safe and helping them in times of need. Since 1992, the Toys“R”Us Children’s Fund, a public charity affiliated with Toys“R”Us, Inc., has donated more than $130 million in grants to children’s charities. For more information, visit Toysrusinc.com or follow @ToysRUsNews on Twitter. Follow Toys“R”Us and Babies“R”Us on Facebook at Facebook.com/Toysrus and Facebook.com/Babiesrus and on Twitter at Twitter.com/Toysrus and Twitter.com/Babiesrus.

Contact:

1 (973) 617-5900
Press@toysrus.com

Source: Toys“R”Us, Inc.

RILA joins trade associations and businesses to launch Americans for Affordable Products campaign to stop border adjustable tax

National Campaign To Educate Lawmakers On Harmful Impact Of Proposed New Tax​

Arlington , VA, 2017-Feb-03 — /EPR Retail News/ — Today (2/1/2017), the Retail Industry Leaders Association (RILA) joined more than 120 other trade associations and businesses to launch Americans for Affordable Products, a national campaign to stop the border adjustable tax or BAT. The diverse coalition will focus on educating lawmakers on the harmful impact of the new tax, specifically the resulting higher costs consumers will face on family essentials, such as food, gas and clothing. The border adjustable tax is a component of the tax reform proposal under consideration in the U.S. House of Representatives.

“The retail industry pays among the highest effective tax rates of all industries. We, therefore, enthusiastically support reforming the current tax code and welcome the fact that both the President and Congress do so as well,” said RILA President Sandy Kennedy. “However, the border adjustable tax is harmful, untested, and would put American retail jobs at risk and force consumers to pay as much as 20 percent more for family essentials. We are committed to working with Congress to ensure they understand the impact of this proposal and to pursue tax reform that reduces rates and benefits consumers and retailers alike.”

RILA has long supported comprehensive tax reform. While the House Republican Tax Reform Blueprint contains some important elements, specifically reducing the corporate tax rate to a globally-competitive 20% and the territorial tax approach, the inclusion of a border adjustable tax will significantly hurt retail customers.

The BAT would impose a 20 percent tax on all imported goods. Taxing imports would have a disproportionate impact on U.S. retailers, who by necessity import many of the items that they sell.  A border adjustable tax will force higher prices on consumer staples such as food, medicine, clothing, electronics, and home improvement items.

To learn more about the BAT and Americans for Affordable Products visit www.KeepAmericaAffordable.com

RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.

Contact:

Brian Dodge
Senior Executive Vice President, Public Affairs
Phone: 703-600-2017
Email: brian.dodge@rila.org

Source: RILA