High street retail is good old bricks and mortar and remains an important revenue stream to local authorities. Protecting this is fundamental to a thriving local economy.
Currently there over 216,000 companies in the retail sector employing just under 3 million staff. Retail has a net worth of over £90 billion and SMEs account for a little over 65% of this revenue. I am sure these sized businesses remain the majority of a local authorities rate-able properties.
However of these 216,000 companies only around 40% are at a low risk financially, meaning well over half of these represent a moderate to high risk of coming into some sort of financial difficulty in the coming months and years. That's potentially half of the revenue for any collections or enforcement team that could be difficult to recover.
Knowing more about your 'customer' is imperative to any billing organisation. If my company was owed money and I could be made aware that the debtor could soon find paying my bills a problem then I would certainly want to do something to prevent this.
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