Skip to main content

Retailers losing Millions do due Theft

How much do stores lose from theft?
Peter Baskerville

It just goes to show that there is someone somewhere conducting a study into something the makes the world tick when "The Barometer" conducts a comprehensive global study into the cost of merchandise theft for the retail industry in 2013-2014 right here - The Barometer

That particular report puts the global shrinkage rate (loss from shoplifting, staff theft, supplier fraud) at 1.29% of sales turnover which is lower than what I experienced in the 10 years I worked in an Australian department store in the 80s where the figure was generally around the 2% mark. The report does say that if you add the cost of theft prevention to the cost of actual theft, you get rate of 1.81% of sales.

Some interesting statistics that come out of the report include:
  • While shoplifting is the biggest reason for theft at 39% of all losses, the dishonest employee is not far behind at 28%.
  • Mexico has the greatest loss from theft, while Norway has the lowest.
  • The low priced discounters suffer the highest theft rate. Go figure!
  • Retailers add their anticipated loss from theft to their prices, which means that the honest shopper is paying a theft tax of $63.56 per person per year.
  • In the USA the age demographic of the most prolific shoplifter is 18-30 (42%) and the peak season for shoplifting is the Christmas/end of year holiday period (72%)

Comments

Post a Comment

Popular posts from this blog

Why Drug Testing is Important?

Why Drug Testing Is Important September 28, 2015 TDT Although many aspects of society are harmed by illicit drug use and abuse, it is especially detrimental in the workplace. Not only can it lower the productivity and revenue of a business, but it can also place employees at risk. In fact, depending on the line of work, the drug abuse of an employee could have fatal consequences. Luckily, employers these days are able to test for illicit drug use and implement strategies to pursue drug-free workplaces. Today we’re discussing why drug testing is important and how to employ it effectively. Why Drug Testing Is Important Safety. Drug use can impair a person’s judgment and increase safety risks. This is especially concerning in certain industries, such as construction, in which using drugs or alcohol at work could cause an injury or even a fatality. As employee drug abuse causes as much as 50% of all on-the-job accidents (source), this is not a matter to be taken...
Post a Comment
Read more

A Resume Lie Will Come Back to Haunt You.....

Just Ask NCAA Basketball Coach Steve Masiello Published on 28 March 2014 by Lauren Conners ,                               A little resume lie never hurt anyone…right? Tell that to Steve Masiello, most recently a coach at Manhattan College, now on leave due to a potential discrepancy on his resume. It’s been 14 years since he supposedly graduated with a degree in Communications from the University of Kentucky, where he played for the Wildcats from 1996-2000. While being screened for a coaching position at the University of South Florida, they conducted a resume verification on Masiello and inevitably discovered that he did not earn the degree listed on his resume. This discrepancy could be a blatant lie or perhaps a misunderstanding, but either way keep reading to find out how this discrepancy remained hidden for so long. Importanc...
Post a Comment
Read more
Employment Background Checks May Sharpen Your Recruitment Efforts 08/14/2018 Employment background checks were once considered a luxury among small business owners — a practice worth pursuing, but not essential to the recruiting and hiring process. In today's heated battle for talent, pre-employment background checks have taken on a new urgency. Background checks offer clear benefits to employers, which may include: Hiring high-caliber candidates. Seeing reduced employee turnover (along with related expenses). Limiting exposure to claims of negligent hiring practices. "A thorough background check helps employers find quality talent, while flagging issues that could cost the company money or their reputation," notes Catherine Aldrich, vice president of operations, a leading provider of background screening services. "Landing top talent quickly is critical in a competitive job market, but it is just as important to ensure that t...
Post a Comment
Read more