Retail crime on the rise as Co-op takes action with AI technology

  • Co-op lost £70m to shoplifting in 2023
  • Co-op turns to AI to stop self-checkout theft
  • Shoplifting and retail crime increased by 44% last year
  • Shoplifting offences in England and Wales at highest rate in 20 years
  • Retailers calling for legislative changes to deter criminals
  • Police failed to attend 79% of incidents where a criminal had been detained
  • Co-op using AI and CCTV cameras to track items at self-checkouts
  • Underlying operating profit at Co-op’s food retail business increased by 11%

Retail crime cost The Co-op £70m last year, with incidents of shoplifting, abuse, violence, and anti-social behavior increasing by 44%. Shoplifting offenses in England and Wales reached their highest rate in 20 years. The Co-op is calling for legislative changes to deter criminals and improve arrest rates. The company is using AI and CCTV cameras to track items at self-checkouts to combat theft. Despite the losses, Co-op’s underlying operating profit at its food retail business increased by 11%.

Factuality Level: 8
Factuality Justification: The article provides specific details and quotes from The Co-op’s managing director and CEO, as well as statistics from the Office for National Statistics. It discusses the impact of retail crime on the company, its employees, and the industry as a whole. The information presented is relevant, factual, and supported by sources.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of retail crime on The Co-op, including statistics and quotes from company executives. It also discusses the use of AI to combat theft. The article stays on topic and supports its claims with data and examples. However, it could benefit from more in-depth analysis on the root causes of retail crime and potential long-term solutions.
Financial Relevance: Yes
Financial Markets Impacted: The Co-op
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the financial impact of retail crime on The Co-op, with losses amounting to £70m last year. It also highlights the increase in incidents of shoplifting, abuse, violence, and anti-social behavior. However, there is no mention of an extreme event.

Reported publicly: www.retailgazette.co.uk