Odd News

Australian retailers lose billions due to theft

(Xinhua)
Updated: 2010-10-19 14:47

SYDNEY- Australian retailers lost more than 10.31 billion AU dollars ($10.19 billion) to shoplifting and employee theft during the past four years, a survey found on Tuesday.
The Global Retail Theft Barometer found Australian thieves in particular favour lipstick and baby formula but the cost to the community is 1,455.30 AU dollars in the form of higher prices paid by each family to offset the loss from all stolen goods.
The survey also found a drop in stealing for the first time in all regions surveyed.
The Global Retail Theft Barometer is the largest annual survey of retail crime and loss in the world.
The survey monitored the loss from shoplifting/employee theft and administrative errors in the world retail industry in the 12 months to June 2010.
The annual survey found Australian firms had a 7.3 percent drop in reported loss from theft to 2.31 billion AU dollars, or 1.39 percent of total sales.
The fall followed three years of rising losses, which peaked with a 1.5 percent loss in 2009.
Checkpoint Systems Australia managing director Mark Gentle said major retailers increased spending on security by 9.3 percent over 2009 to 30.82 billion AU dollars.
The report said Australia had a rate of loss considerably higher than the rest of the Asia-Pacific.
The Australasia region had one of the highest employee theft rates in 2010, accounting for 40.2 percent of total shrinkage, or more than 938 million AU dollars, stolen by employees, the report said.