Three-million offensesagainst UK retailers in 2014 racked up direct costs of £603 million ($913 million U.S.) in 2014 – while the number of in-store thefts fell by four percent, the value per incident climbed 36 percent.
Shrink, comprised of shoplifting, employee or supplier fraud and administrative errors, cost the global retail industry more than $128 billion last year, $42 billion in the US alone, according to the latest Global Retail Theft Barometer.
The Supreme Court ruled unanimously that workers who fill orders in Amazon.com warehouses need not be paid for the time they spend in security lines at the end of their shifts to make sure they haven’t stolen any products.
Almost 1.2 million shoplifters and dishonest employees were apprehended in 2013 by just 23 large retailers who recovered over $199 million from the thieves.
A study of small and medium-sized retail business owners found that theft of merchandise by customers, vandalism, break-ins and online security were the top concerns for retailers.
June 1, 2014
Reflecting on the state of their business at the end of 2013, only 32 percent felt they were “extremely” or “very secure from theft” prior to the holiday season, according to the Harris Poll survey, commissioned by ADT.
Retail theft may be a cost of doing business, but intelligent surveillance strategies can help mitigate risks, improve insurance premiums and monitor employees.