This evaluation of the Small Business and Crime Initiative in Leicester involved before and after victimization surveys of all businesses in two target areas. The second survey took place exactly 2 years after the first. Each sweep achieved a response rate of 65 percent. A panel sample of 483 businesses took part in both surveys. Four groups were distinguished: those with low crime levels in both sweeps, those with high crime levels in both sweeps, those going from relatively high to relatively low levels, and those going from relatively low to relatively high levels. The patterns that are identified highlight the fluidity of crimes against businesses. Some businesses that were identified as chronic victims in sweep one reduced their levels of victimization by sweep two. Some businesses who were not victimized in sweep one became chronic victims, and for a number of businesses, levels of victimization remained the same. It can be difficult to suggest accurately why some targets have high rates of victimization that decline and are ultimately replaced by other high crime victims. With the aid of case studies, it is explained why there may be an onset, persistence of victimization, and how crime was reduced. Visits to chronic victims show that target attractiveness and locational factors generate opportunities for crime and produce an onset of victimization. The cycle of victimization will persist if victims fail to alter the contexts that promote victimization. The data shows that over a period of time one set of high crime victims are replaced by another set of high crime victims. This suggests that offenders may be displaced from one target to another. 2 figures, 4 tables, 9 notes, 32 references