Rising Retail Crime and Its Impact on UK Businesses
- Crime cost retailers £1.9bn last year, up 12% from previous year
- Direct costs include £700m customer theft, a 31% increase
- 115 employees attacked daily at work
- 70% of respondents describe police response as poor or very poor
- Retailers spending 17% more on cybersecurity than last year
- British Retail Consortium calls for specific criminal offence to protect retail employees
The British Retail Consortium’s annual survey reveals a staggering increase in retail crime costs, reaching £1.9bn last year. This represents a 12% rise from the previous year and includes £700m losses due to customer theft alone. The report also highlights that 115 employees face attacks daily, with 70% of respondents rating police response as poor or very poor. Retailers are now spending 17% more on cybersecurity than last year, totaling £162m. The BRC urges for a specific criminal offence to protect retail workers from assault.
Factuality Level: 9
Factuality Justification: The article provides accurate information from a reliable source (British Retail Consortium’s annual Retail Crime Survey), presents relevant data and statistics, and includes quotes from the chief executive of the organization. It does not include any irrelevant or sensational details, nor does it present personal opinions as facts.
Noise Level: 3
Noise Justification: The article provides relevant information about the increasing costs of crime and crime prevention for retailers, including specific statistics on customer theft, violence against employees, and cybersecurity spending. It also includes quotes from a relevant source (the British Retail Consortium) and suggests potential solutions such as creating a specific criminal offense to protect retail employees from assault at work. However, it does not contain any irrelevant or misleading information, nor does it dive into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: The increasing costs of crime prevention and cybersecurity for retailers can impact their profitability, potentially affecting their stock prices and overall financial performance.
Financial Rating Justification: This article discusses the rising costs of crime prevention and cybersecurity for retailers, which can have a direct impact on their financial performance and may affect their market value.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Moderate
Extreme Rating Justification: While there are concerns about retail crime and cyber-attacks, the impact is moderate as there are no extreme events such as natural disasters, financial crises, political crises, major accidents, terrorist attacks, health crises, environmental crises, technological disruptions, cultural/social issues, armed conflicts or space/extraterrestrial events. The increase in crime and cyber-attacks pose challenges for the retail industry but do not reach the severity of extreme events.
www.retailsector.co.uk