Representative image shows a woman shoplifting
Credit: iStock Photo
By Jennifer Creery
One of Britain’s best-known food retailers has reported a sharp jump in the cost of theft from its stores as the country struggles with widespread shoplifting.
The Co-Op Group said Thursday that theft and fraud cost it almost £40 million ($52.9 million) in the first half, up from £33 million a year earlier.
There were 950 crimes each day in its stores, an annual rise of 4 per cent, the group said.
UK shopping districts have been struggling to contain an increase in thefts, particularly since the start of a generational cost-of-living crisis.
The rate of shoplifting in England and Wales rose by almost a third in the year to September 2023, according to the Office for National Statistics. The British Retail Consortium said the cost of theft doubled to £3.3 billion in 2022/23.
Inflation has fallen close to the Bank of England’s 2 per cent target, yet retailers say shoplifting remains a costly problem.
“There are small improvements but it’s becoming a significant investment in making our colleagues feel safer,” Matt Hood, managing director of Co-op Food, told Bloomberg News. Most of the cost comes from lost stock, he added.
The new Labour government has vowed to introduce a separate offense for assaults on shop workers.
The Co-Op Group has spent £18 million so far this year — on top of £200 million in recent years — tackling retail crime. It has installed fortified kiosks to prevent shoplifters from breaching barriers to steal spirits and cigarettes, and invested in undercover guards, who are trained to detain potential criminals. It has more than 2,000 grocery stores.
“It isn’t going away and I wouldn’t want anybody to think that it is,” Hood said. “Retail crime is in the main driven by repeat prolific offenders and organised gangs.”