Riots: Losses could reach £392m

The riots and looting across the UK have already cost retailers £80m in lost sales, according to research from Kelkoo.

The figures, produced by the Centre for Retail Research (CRR), found that while outlets have lost around £80m in lost sales due to early store closures and customers steering clear of troubled areas - the cost of looted stock is £17.4m and repairs to damaged property could be as much as £43.5m.

Kelkoo said that if the rioting continues into the weekend the amount lost by retailers could reach £392m by Saturday. This would be £242m worth of stolen stock and repairs alongside almost £150m in lost sales.

Chris Simpson, chief marketing officer of Kelkoo, said: "Despite the chaos showing signs of abating, UK retailers are sadly going to feel the fallout of this week's riots for several months to come.

"Much of the cost will be picked up by insurers but we cannot overlook the fact that on top of the damage caused, retailers, restaurants, pubs and other service providers have been forced to shut their doors to business in order to protect their staff, customers and premises.

"This comes at a time when retailers are already struggling to stay afloat with sales up by just 0.6% on July 2010. Despite a small move in the right direction, I expect this could be a very different picture in the coming months as consumers confidence has taken a turn for the worst."

He also predicted the scenes of violence could have a "serious impact" on UK tourism over the next 12 months.