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 11:18:41 am Views: 53
  • #22927

    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.