Retail Crime

Retail crime has surged by a third in the past year, with shoplifting rates reaching their highest levels in over two decades, surpassing 400,000 incidents for the first time since records began in 2002.

Last year, it is estimated that retail crime cost businesses £1.7 billion. However, it is not only the financial losses that are impacting businesses; the increased fear for the safety of retailers and their staff has also become a significant concern.

Cost of Living Crisis

The cost of living crisis is widely acknowledged as one of the primary drivers of the increasing number of incidents, as household spending is increasingly constrained. Additionally, retailers have reported a rise in the number of organised criminal gangs targeting stores, exacerbating the problem.

What would the retail sector want to see?

It is imperative that we see direct, post-election action on this issue to support retailers. Implementing more robust strategies to combat crime which will enhance staff security, and reduce stock losses which ultimately will lead to increased profitability.

Additional support for retailers by regenerating local highstreets to bring more footfall back.

Continued support for retailers through business rates support packages is essential. These packages have been a tremendous help over the past few years, and as foot traffic remains below pre-pandemic levels, ongoing support is necessary.

If you have any queries regarding the 2024 Election, and how it may impact your Retail Business, please get in touch with us below:

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