Poundland Co-Founder Warns Shoplifting Is Pushing up Prices and Threatening Stores

Wolverhampton Poundland founder says shoplifting costs everyone

Steven Smith says the problem is losing businesses £18bn a year and forcing shops to raise prices.

Poundland co-founder warns shoplifting is pushing up prices and threatening stores

Poundland co-founder Steve Smith has warned that soaring levels of shoplifting are pushing up prices for shoppers and could lead to further store closures across the UK. Smith, who opened the first Poundland store in 1990, said shop theft was presenting retailers with their biggest challenge in more than two decades. He estimated that theft could be costing UK businesses more than £18bn a year, arguing that the true scale of losses was significa…