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Retailers pay high price for VAT cut

Although most retailers found the implementation of the change in their
finance systems was fairly painless, they took a hit totalling several thousands
of pounds from the cost associated with changing price tags, communicating price
changes and setting a round number price point to items. Some of this additional
cost also came from customer refunds.

In a poll conducted in December,
Coda
said it found many of its retail clients – which include big high street
retailers such as Debenhams, Ikea and Next – did not believe the VAT cut would
have any effect on Christmas sales and said these business would face the same
problem when VAT rates were restored in 2010.

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