The SECOM report shows shoplifting and more serious retail theft is becoming more and more of a problem. While the number of incidents is falling, their cost to businesses is rising as more valuable items are targeted. In 2014, the cost of crime to the UK retail sector was £603 million, a rise of 18 per cent compared to the year before.
Many small retailers only employ a handful of people and operate relatively informally, meaning they don’t have many policies in place regarding things like pricing, inventory and employee conduct. It may seem like these things are fairly low priority, but in actual fact having policies like these in place can significantly reduce shrinkage. Each theft is not equal; stealing an item from one store can cause significant issues, while another from a larger chain might be able to absorb the loss easily.