Aside from the headlines troubles caused by the wallet-tightening credit crunch, a darker side of the economic crisis is currently blighting UK retail with news that both theft and fraud are significantly on the up.
A new report commissioned by Simplybusiness.co.uk claims that 47 per cent of the UK's independent retailers have seen a significant increase in theft whilst 26 per cent have suffered a higher number of break-ins.
In addition, 31 per cent have seen increased instances of credit card fraud.
Topping off the misery, 24 per cent of retailers have also seen a higher number of ‘in-house' thefts at the hands of employees.
Retailers are suffering already as a result of higher stock prices, a drop in consumer spending and tightening of credit,” Simplybusiness' MD Tony Deacon stated. This rise in recession-related crime is heaping more misery on the beleaguered retailers.
Nearly half of all retailers in the UK have experienced an upsurge in theft and this is having a major impact on their ability to remain profitable and remain in business.”