Financial and Business|

Stores in London Could Lose Millions Due to Riots

Building Ablaze during RiotAs if the economy was not being hard enough on retailers in the UK, more bad news is on the way. According to recent figures, British stores could face losses of tens of millions of pounds due to the problems they suffered during the riots last weekend. This outburst led to fires, looting, and tons of retailers seeing their stores destroyed.

The head of media over at the British Retail Consortium, Richard Dodd, told media sources that tens of millions of pounds of property has been damaged, business lost, and goods stolen. Richard went on to say that he does not think that everyone is aware of just how bad the damage was.

The British Retail Consortium, which actually represents about 90 percent of all retailers in the UK, called for urgent action to help shopkeepers protect their stores. The group also wants assurances from the police that offenders are going to be punished.

Richard noted that many retailers in the UK have been under a ton of pressure anyway. Many of the stores that were hit were struggling to keep their doors open. Now they are going to have to deal with property damage and stolen goods. If something is not done, many of these stores are going to go under.

According to local media, electrical goods and sportswear retailers were the hardest hit by looters. The sports goods store JD Sports said that a number of their stores have been affected by the disturbances in London. Right now it is still far too early to determine the full extend of the damage.

Although electrical and sportswear stores may have been targeted first, they were not the only stores that were affected by looters. In fact, food and drink stores also suffered outrageous losses. It seems that many looters used the riots as the perfect time to go grocery shopping with a “five-finger discount.” The grocery group Sainsbury said that 16 of their stores have been affected by the riots.

One of the biggest retailers in all of Britain, Tesco, said that they had several stores hit in London and in other cities as well. Despite this, all Tesco stores have reopened except for the Liverpool store.

The truth of the matter is that these riots were the last thing that the UK economy needed. Many companies are struggling to stay afloat, and these recent outbursts in violence have not helped matters at all. Experts are hoping that these stores will be able to get the help that they need to reopen their doors as quickly as possible. The longer these stores stay closed, the longer Brits are out of jobs. This is a problem that does not just affect retailers. It also affects many hard-working Brits as well.

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