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A study of over 9,000 New Zealand and Australian retailers has shown that retailers have been spending $500 million a year on deterring criminal behaviour, especially as bad actors become more organized and aggressive.
The study, which was undertaken by Aptus Research, Profit Protection Future Forum, and loss-prevention software company Checkpoint, revealed that in-store theft was at “crisis point” for companies in Australia and New Zealand.
Shoplifting accounted for 57% of revenue losses in the report – with clothing and cosmetics among the frequently stolen items in retail stores while infant formula and meat in supermarkets.
Greg Harford, chief executive at retail trade association Retail NZ, said that retailers are doing what they can to protect their products and staff.
“Retailers are doing what they can to protect their products and staff. That might be installing more cameras, having more security staff or fixing design issues with stores to make sure there aren't blind spots," Harford told Stuff.co.nz.
The development could also drive a demand for property insurance with theft coverage as it can offer businesses financial protection for damaged or lost property – including inventory, equipment, and other assets. Insurance can also cover property damage risks such as theft, vandalism, fires, and other natural disasters.
“There's a lot of information sharing between retailers, a lot of co-operation on non-competitive issues like theft,” said Harford.
