A NATION OF SHOPLIFTERS …..INDIA No#1 IN RETAIL THIEFT

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A NATION OF SHOPLIFTERS …..INDIA No#1 IN RETAIL THIEFT

 user 2009-11-13 at 11:17:24 am Views: 48
  • #22928

    http://timesofindia.indiatimes.com/india/A-nation-of-shoplifters-India-No1-in-retail-theft/articleshow/5213857.cms
    A NATION OF SHOPLIFTERS ,INDIA No#1 IN RETAIL THIEFT
    A survey of retail crime and loss in the world says India has the highest retail shrinkage at 3.2% in the world. Retail shrinkage is the loss of products due to shoplifting, employee theft, paperwork errors and supplier fraud. The country’s retailers complain that the main causes for the US $2.6 billion loss are shoplifting and employee theft.

    The survey, the third annual Global Retail Theft Barometer 2009, covered 1,069 large retailers across 41 countries between July 2008 and June 2009.India has consistently maintained its position in top spot with desi thieves preferring to steal electronic items, cosmetics, alcohol, apparel and jewellery over other goods because of their value and portability. The international list of most-stolen merchandise includes Wii games, printer cartridges, razor blades, branded watches and DVDs. ‘‘The smaller the gadget the more the chances of it getting stolen,’’ explains Nilesh Gupta, managing partner of electronics and durables retail chain Vijay Sales. ‘‘MP3 players and cell phones are the most stolen items,’’ he says.

    Of the total shrinkage, the shoplifting theft rate in the country is at 45%, higher than the global average rate of 43%. ‘‘Shoplifting is very rampant in jewellery shops in Mumbai, says Binit Bhatt, COO Treasure Jewellery whose store was recently robbed. ‘‘Many thieves operate in gangs and are skilled operators who don’t get caught easily. Very few threaten with brandishing knives,’’ he says, adding that he has augmented his security force after the experience. EAS (electronic articles surveillance) machines, dummy models of goods, CCTV cameras, security guards and other security spending by Indian retailers amounted to US$ 158 million, representing 0.19% of retail sales.

    After shoplifting, employee theft accounted for 23.3% of retail shrinkage. Store managers are now making sure employees are frisked every time they leave the store. ‘‘It is easier to catch a shoplifter than your own staff stealing,’’ says Irfan Bhamla, owner Beauty Palace, a cosmetics store at Crawford Market. The survey highlights that the amount of loss incurred due to employee theft is five times more than shoplifting in the Asia Pacific region.The most popular security resource is the human security guard, followed by CCTV cameras and EAS systems, says Dharmesh Lamba, Country Manager, Checkpoint Systems. ‘‘Shrinkage directly hits profitability,’’ he says.The lowest rates of shrinkage were found in Hong Kong SAR (0.92%) and Taiwan (0.89%). The survey was earlier called the European Theft Barometer.