Survey: Shrink averages 1.5% of U.S. sales
ChainStoreAge.com - Nov 13th, 14:28
Thorofare, N.J. -- Shrink, comprised of shoplifting, employee or supplier fraud, organised retail crime and administrative errors, cost the retail industry more than $112 billion globally last year, and represented 1.4% of retail sales, on average, according to the 2012-2013 Global Retail Theft Barometer. In the United States, shrink came in at 1.5% of retail sales.
The study, underwritten by an independent grant from Checkpoint Systems, was undertaken in 2013 by Euromonitor International, and was based upon in-depth phone and written survey interviews conducted in 16 countries among retailers covering 160,000 stores representing $1.5 trillion in sales in 2012.
According to the study, shrink is on the rise in most countries with increases noted in shoplifting, employee theft and organised retail crime. The lowest shrink rates were recorded in Japan (1% of retail sales), followed by Hong Kong, Australia and Germany (1.1%). The highest rates were recorded in Brazil and Mexico (1.6%). The cost of shrink to U.S. shoppers averaged $300 per household.
According to Euromonitor International: “Shrink is a multi-dimensional threat for retailers across the globe, with shoplifting and employee theft, including organised crime, on the rise. Growing shrink concerns have put loss prevention high on the agenda of retailers; companies are keen to invest in effective and proven loss prevention methods, collaborating with technology companies and specialists for loss management solutions to diminish these shrink problems.”
Retail respondents with particularly strong investments in loss prevention told researchers they believe that they manage shrinkage well, and typically reported shrink rates well below the respective country average, with investments clearly paying off. In fact, U.K. and German retailers stated that improving loss prevention methods helped them to keep shrink under control. Overall, retailers interviewed estimated their future loss prevention investments would increase or stay stable.From ChainStoreAge.com
ICSC: Consumers starting holiday shopping early, United States
12/11/2013 - 09:38
New York -- Procrastinating is out this year when it comes to holiday shopping, with most consumers (62%) planning to finish their gift buying on or before Dec. 16, according to a survey by the International Council of Shopping Centers.
First 100% LED-lit Walmart opens, United States
06/11/2013 - 09:37
New York -- The first Walmart to be entirely lit with LEDs has opened, in South Euclid, Ohio, just outside of Cleveland. The store will serve as a model for environmentally friendly design for future locations, with 100% LED lighting, electric vehicle charging stations in the parking lot and more.
UK: Sluggish start, late surge, solid rather than bonanza, Planet Retail
04/11/2013 - 17:50
On Planet Retail’s predictions for the UK retail market over Christmas 2013, Stephen Springham, Senior Retail Analyst at Planet Retail, commented:
Target in big multichannel holiday push; rolling out in-store pickups
30/10/2013 - 09:27
Minneapolis – Target Corp. is making a big online push for the holidays, including expanding its in-store pick-up program for products ordered online to all of its U.S. stores by Nov. 1 (the service is now available in about half of the chain’s locations). And for the first time, Target will promote the concept of Cyber Week, with an ad campaign Dec. 1 through Dec. 3 that focuses on Cyber Week deals including Cyber Monday.
Wall St gains on Fed hopes
25/10/2013 - 10:22
New York - US stocks resumed their upward move on Thursday as economic data underscored views US monetary stimulus will be in place for the foreseeable future and as earnings offered some upbeat news.