Homepage
Documents
Events
Good practice
Links
News
Organisations
Places
Free Weekly eNews
About us
Contact
Our correspondents






Search CRP News by keyword or phrase:
If you have any news, opinions or suggestions which you would like to offer to the publishers of CRP News, please click here to email the Editor. We value your contribution.
All editorial content © CRP News, published by CRP Publications Ltd, Suite 210 91 Western Road, Brighton BN1 2LB

News - 15 October 2012

Collaboration is key to tackling retail losses of £3.4 billion

The Retail Fraud Study, an extensive research project that worked directly with 100 of the UK’s top retailers, found that losses in the UK retail sector had increased by 10% totalling £3.4 billion. However, retailers remained reluctant to collaborate with each other to reduce losses, with 22% of retailers believing collaboration is not necessary to combat retail theft and fraud.

Paul Bessant, Managing Director of Retail Knowledge who facilitated the study, commented: “It comes as quite a surprise that despite seeing such a steep rise in retail losses that retailers don’t want to collaborate in order to tackle the issues the industry faces. In a tough period of trading where retailers are having to reduce spending on things such as loss prevention collaboration would provide a relatively cost effective method of reducing losses, which last year equated to 1% of sales – nearly matching profits which equalled 1.7% of sales.”

With losses increasing as a result of theft and fraud, and retailers reducing spend on loss prevention it seems astonishing that they remain reluctant to collaborate with each other. James Harris, Commercial Director at Volumatic the UK's leading manufacturer of intelligent cash handling equipment, speaks to retailers on a daily basis. He believes that a proportion of retailers are afraid of losing a competitive edge and those that do want to collaborate are hampered in their attempts to collaborate by data protection legislation.

Read the full story from RFPConnect.co.uk, here

 


Read related items on:
Business crime
Fraud

   

Events
. . . . . . . . . . . . . . . . . . .
23 April 2014
Security TWENTY 14 South
The Conference is aimed at end users, purchasers and those who specify security products and will update attendees on the latest developments in the security sector.... More
. . . . . . . . . . . . . . . . . . .
15 May 2014
Fraud and Error Conference 2014
Government are calling for a zero tolerance approach following the National Fraud Authority's June 2013 report findings that fraud and error is costing the UK public sector GBP20.6 billion. London... More
. . . . . . . . . . . . . . . . . . .
8 July 2014
Security TWENTY 14 North
The Conference is aimed at end users, purchasers and those who specify security products and will update attendees on the latest developments in the security sector.... More
. . . . . . . . . . . . . . . . . . .