Crime costs retail £4 billion each year

Lewis Tyler

By Lewis Tyler

May 8th 2012 at 11:22AM
Crime costs retail £4 billion each year

Theft committed by customers and staff rises during the recession.

Crimes by customers, dishonest staff, supply chain workers and credit card fraudsters costs UK retail £4 billion per annum, according to the Centre for Retail Research. The cost of detection equipment also added to that figure.

The increase is due to higher unemployment, growing debt levels, gambling and 'those aspiring to high lifestyles beyond their means'.

In 2011, shoplifting and ‘organised retail crime’ accounted for around 31 per cent of inventory shrinkage while point of sale thefts by employees made up 45 per cent of all retail losses, revealed Carl Goodman, director of conference production for the Retail Loss Prevention Summit.

Goodman said: "This year looks to be the same, if not more prevalent.

"Despite advances in technology and tactics to detect theft. Stealing by employees is not a problem that’s easy to remedy."

The Retail Crime Prevention Summit takes place on September 12th at the Cavendish Conference Centre in London.