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Monday, 24 August 2009 13:22 |
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Posted on July 1, 2009 by wpalmer
At the recent National Retail Federation Loss Prevention Conference in Los Angeles, Dr. Richard Hollinger from the University of Florida presented the preliminary 2008 results. Many of us look to this survey as the benchmark for shrink performance and the figures here will be cited over and over again in the press.
Overall, inventory shrinkage as a percentage of sales (retail) came in at 1.52% with 95 retailers reporting. While this is up from 2007’s all-time low of 1.44%, it is still the second lowest number in the history of this survey that has been compiled since 1991.
Extrapolating this percentage out against total industry sales in 2008, gives a dollar figure of $36.53 billion. From a purist’s perspective, I think this is a bit dicey as the overall percentage is calculated as an average of all respondents shrink percent number and not weighted based on sales volume of responding company. But, we do not have any better source as an industry.
As to estimates from retailers on the sources of shrinkage, the gap between employee theft (43.7%) and shoplifting (35%) continues to inch closer to each other. Final results will be released soon and results may change slightly in the final report based on late survey responses.
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Monday, 24 August 2009 11:47 |
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Thursday, 05 February 2009 00:00 |
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Shoplifting offences have increased since the onset of the credit crunch, police crime figures suggest.
Research by Independent Retail News has found retail crime in London up by 15% in the second half of last year.
Between July and November 2008 there were 16,468 shoplifting offences in London, compared with 14,323 for the same period the year before, according to the Metropolitan Police.
On Merseyside, the figure rose from 4,182 between July and December 2007 to 4,391 last year - an increase of 5%, while in Derbyshire, offences jumped by 43% from 1,459 between July and December 2007 to 2,092 in 2008. And in North Wales, shoplifting has risen by 10%.
Shane Brennan, Association of Convenience Stores public affairs director, said the organisation was "very worried" by the trend. He added: "The key issue is that police are taking this seriously."
Tesco has witnessed a growth in shoplifting as a result of the economic crisis, new figures have said today.
In the first half of the year, Tesco said it caught more than 43,000 thieves stealing from its outlets, a rise of 36% from last year, reports the Financial Times.
Essential items were the most popular to be stolen, the figures revealed.
The news came after the British Retail Consortium warned that retail crime is likely to surge during the credit crunch.
Stephen Robertson, director general, said retailers are prepared for a "rapid rise" in offences as the downturn leads to more people stealing.
Marks & Spencer and Iceland have also said that crime in their stores is also on the rise.
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