Source: red24
Retail theft in the form of shoplifting is an established and global problem. According to the Global Retail Theft Barometer - an annual survey of 920 of the leading international retailers, with combined sales of US$814 billion, conducted by the Centre for Retail Research – retail theft or ‘shrinkage’ (stock loss from crime and wastage) cost retail companies in the 36 countries examined approximately US$104.4 billion in 2008. This is equivalent to 1.34 percent of total retail sales. Although employees accounted for a significant portion of thefts, shoplifting and organised retail crime remains the largest source of this loss, representing more than 41 percent of the total and equating to some US$43 billion in the 36 countries surveyed. The current financial crisis and the accompanying global economic downturn is likely only to compound the problem of retail theft. As the fallout from the financial crisis starts to take hold, increasing unemployment and reducing disposable incomes, it is likely that a larger numbers of individuals will engage in unlawful activity as a means of securing a range of retail products. Furthermore, as companies’ profit margins are squeezed, security budgets are frequently cut, just as the threat becomes heightened. As a consequence, the next 12 to 18 months are likely to witness a sharp increase in retail theft.
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