Retail Theft - Loss Prevention
The UK retail sector makes a tremendously important contribution to the economy: according to the British Retail Consortium (BRC), the sector employs three million people and retail sales add up to £321 billion or 20% of GDP.
However, the sector continues to be plagued by retail crime, with the BRC estimating the total value of retail crime at £1.6 billion in its 2012 Retail Crime Survey. Although this figure is quite staggering, it may only be the tip of the iceberg as retailers are estimated to report only 9% of customer theft.
Unlike the USA, where the biggest threat facing retailers is employee theft, customer theft accounts for a whopping 52% of theft in the UK, with employee theft only responsible for 5%, by direct cost. With e-commerce increasing in importance, it’s no surprise that cybercrime and e-fraud on the up, accounting for 41% of retail crime which creates a headache for Loss Prevention teams.