Retail Crime Is a £3.3 Billion Headache for UK Retail Sector [BNN Bloomberg (Canada)]
J SAINSBURY PLC S/ADR (JSAIY)
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Source: BNN Bloomberg
The total cost of crime to British retailers doubled last year to £3.3 billion ($4.2 billion), according to a report by the British Retail Consortium released Wednesday. Violence and abuse against UK shop workers rose by 50% to 1,300 incidents a day while instances of theft grew to more than 45,000 daily. British retailers including John Lewis Partnership Plc, Tesco Plc and J Sainsbury Plc last year jointly partnered with law enforcement in a bid to clamp down on the huge increase in shoplifting during the UK's cost-of-living crisis. Each company is contributing £60,000 over two years to help police better target shoplifters. Read More: UK Retailers Demand Crackdown to Stop Wave of Shoplifting Still, the broader police response to incidents was described as “poor” or “very poor” by most respondents to the BRC survey, and retailers spent £1.2 billion last year on measures such as CCTV, security staff and body cameras, up from £772 million the year before. “Despite retailers in
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