Shoplifting Crisis Costs Food Retailer
Shoplifting Crisis Costs Food Retailer
One of Britain’s major food retailers, the Co-op Group, revealed a sharp rise in theft-related losses, reporting nearly £40 million ($52.9 million) in the first half of 2023, up from £33 million the previous year.
The retailer faces a staggering 950 crimes daily, marking a 4% increase as UK shopping districts grapple with soaring shoplifting rates.
The surge in theft, fueled by the ongoing cost-of-living crisis, mirrors a broader trend, with shoplifting in England and Wales rising by nearly a third over the past year, according to the Office for National Statistics.
Retail theft nationwide has doubled, hitting £3.3 billion in 2022/23, according to the British Retail Consortium.
Despite easing inflation, retailers like Co-op continue to bear heavy losses. “The cost of retail crime is significant, driven by repeat offenders and organized gangs,” said Matt Hood, managing director of Co-op Food.
The company has spent £18 million this year alone on security measures, adding to the £200 million invested in recent years. Their efforts include fortified kiosks, undercover guards, and more to deter shoplifters.
The UK’s new Labour government plans to introduce tougher penalties for assaults on shop workers as retailers demand stronger action to curb the growing theft wave.
Shoplifting Crisis Costs Food Retailer
-Bloomberg
