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For the second year in a row, retailers in country found facing highest incidence of shoplifting, employee theft.India’s fledgling retail industry has topped the ‘Global Retail Theft Barometer’ survey for 2009. The country topped the retail “shrinkage” rate — a term that bunches shoplifting, employee theft and process failures — in 41 countries surveyed across the world, for the second year in a row.
Retailers in the country have the highest ‘shrinkage rate’ at 3.2 per cent of sales. This amounts to a shrinkage loss of $2.6 billion, “equivalent to $156.22 (about Rs 7,350) honest tax per family,” according to the survey conducted by Britain’s Centre for Retail Research, with funding from Checkpoint Systems, a company supplying technology solutions to the retail industry.
The study, based on a survey of over 1,000 retailers, monitored the shrinkage rate — and the cost of shrinkage — in the global retail industry between July 2008 and June 2009. India’s shrinkage went up from 3.1 per cent of sales last year to 3.2 per cent of sales this year, representing an increase of $82 million.
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