Study finds diy and building materials' stores stated the highest levels of shrinkage in 2007.
A study by the Center for Retail Research and sponsored by Checkpoint Systems Inc. reveals theft in stores is increasing at an alarming rate.
And across Europe, diy and building materials' stores recorded the highest levels of shrinkage in 2007, at 1.7% of turnover.
UK retail crime during last year cost a staggering £3.9 bn with this country continuing to rank the worst in Europe, reported Checkpoint Systems' Global Retail Theft Barometer (GRTB).
The barometer found that of the 32 countries studied worldwide, retail theft in the UK is costing every household £150 per year, compared to an average of £115.18 in Europe, and £194.01 in the USA.
According to the report, the total cost of shrinkage only dropped 3.3% to £3.8 bn, which is 1.34% of retailers' turnover. However, the amount spent by UK retailers on security declined drastically by 22% to £769m.
Employee theft is a growing concern in all countries surveyed as part of the GRTB with North American employees top of the leader board with 45.8% of theft attributed to disloyal staff. In the UK 34% of theft is due to staff, resulting in a cost of £1.3 bn.
The Global Retail Theft Barometer identified that heavily-branded expensive consumer goods are most at risk as they are desirable or can be sold on easily.
Data for the study was provided by 820 large retail businesses, who operate 138,603 stores.