Report Shows Retail Theft Losses Of $33 Billion

By Greenhouse Grower staff|June 22, 2010

According to a recent annual survey conducted by the University of Florida with a funding grant from ADT Security Services, retailers lost more than $33 billion to theft last year.

"The decrease in the rate of theft is evidence of continued efforts by retailers to protect inventories and hold on to merchandise," says Joe La Rocca, senior asset protection advisor for the National Retail Federation. "This last year we have seen retailers working closer with law enforcement and really maximizing their investment in loss prevention."

The categories that make up retail theft include shoplifting, employee theft, administrative error and vendor fraud. Employee theft continues to be a trend that makes up the largest portion with $14.4 billion in losses (43 percent of the total). The second largest category was shoplifting with $11.7 billion in losses (35 percent).

"In an economic downturn we wanted to better serve our customers with higher quality brands at discounted prices," says Frank Serra, director of loss prevention for K&G Fashion Superstores. "Actively protecting those items allows us to keep costs down and pass that along to our shoppers."

For more on retail theft and the recent results of the ADT Security Services survey, read the entire release here.