Retail NI issues a call to action as a ‘triple whammy’ hits its retailers

Retail Northern Ireland has made a call to action for Government at all levels to address the ongoing storm of increased business costs which will result in businesses closing, workers losing their jobs, scale up plans being cancelled and economic stagnation.

To provide an evidential basis to our policy solutions it surveyed its members between December 2024 and February 2025, which has resulted in what it is calling a five-point plan to tackle the ‘cost of doing business crisis.’

With the ‘triple whammy’ of National Insurance, business rates and Living Wage increases hitting businesses today, Retail NI Chief Executive, Glyn Roberts (above), said: “Based upon our member survey, this perfect storm of increases today will cost the average independent retailer a staggering £90k, with 74% indicating they’ll reduce the number of employees as well as reducing remaining staff working hours.

“Governments at all levels need to address the ongoing perfect storm of increased business costs, which will result in businesses closing, workers losing their jobs, scale up plans being cancelled and economic stagnation.”

To help solve the problem, Retail NI’s plans include fixing business rates by using levies, a reform of the rate relief scheme as well as a reformed Rates Hardship Fund. Other suggestions in the five-point plan include tougher fines for shoplifters making assaulting shop staff a standalone crime.

The full report can be read here.