The impact of theft on the retail industry in the UK has reached its highest level in a decade. The latest Retail Crime Survey from the British Retail Consortium reveals several shocking statistics showing how crime in retail affects businesses throughout the country and costing the UK economy millions of pounds.
The average value of each in store theft has increased 36% from £177 to £241 pushing the direct cost of retail crime up to £603 million in 2013-2014.
The majority of respondents to the survey also highlighted the increasing levels of fraud, most of which is now committed online. Retailers have warned that they expect fraud to pose the single most significant threat to their business over the next 2 years. Many are now turning to the police suggesting that dedicated strategies should be put in place around the country cooperating with business communities.
Director General of the British Retail Consortium, Helen Dickinson commented “Criminal activity against UK retailers continues to have wide-ranging consequences for businesses, employees and the majority of honest shoppers.
“It’s clear that retailers are facing an increasingly sophisticated criminal. Despite an average investment of £2 million per business in crime and loss prevention measures, retailers need help and support to respond to the threat.”
Other Key Statistics from the Retail Crime Survey 2014:
-Incidents of fraud rose by 12% in 2013-2014 and now account for 37% of the total cost of retail crime
-Retailers report that cyber attacks pose “a critical threat” to their business
-There were 32 incidents of violence and abuse per 1,000 retail employees in 2013-2014