With the news that shoplifting has increased by 37% in the past year*, insights from leading small business insurer Simply Business has revealed the tangible impact this has had on the UK’s SME owners.
The research found that shoplifting is a huge concern for small business owners with half (50%) reporting it as a problem.
Over half (57%) of respondents have lost over £250 to shoplifting in the past year alone, with almost a fifth (16%) saying they have lost between £1,001-£5,000. Naturally, this can disproportionately impact smaller businesses who simply do not have the financial reserves to be able to just write this stock off.
As a result, many small businesses have been forced to implement measures to prevent shoplifting, including: enhanced surveillance with CCTV cameras (34%), increased staff presence and customer engagement (30%) and joining forces with other local shops to spot and report a crime (20%).
Bea Montoya, UK COO at Simply Business, said “We know that incidences of shoplifting have increased by 37% in the past year, and we can’t understate the impact this has on small businesses. Shoplifting not only drains the financial resources of SMEs but also undermines their sense of security and stability.
“As vital contributors to our local communities, it’s crucial that we stand united in support of small businesses. SMEs are the backbone of our economy, deserving our unwavering support now more than ever.”
