India ranked No.1 in retail shrinkage rate among 41 countries

The Global Retail Theft Barometer 2009 (GRTB 2009) Survey, has reported key trends in retail shrinkage and crime in 41 countries and regions across the World, including the U.S., China, India, Europe, Japan and Australia. This study has been prepared by the Centre for Retail Research, Nottingham, England and is funded by Checkpoint Systems Inc. Checkpoint Systems Inc. has been at the forefront of developing solutions that is benefiting retailers globally.  The Report has been provided after a confidential survey of 4,200 large retail corporations. This study which monitored the costs of shrinkage and crime in the Global Retail Industry between July 2008 and June 2009 found that the rise in shrink occurred in all regions surveyed, with the greatest increase in North America (+8.1 per cent), Middle East-Africa (+7.5 per cent) and Europe (+4.7 per cent). In India, shrinkage rate (3.2 per cent) was the highest among nine countries surveyed in Asia Pacific. “While most businesses have suffered as a result of the recession, few have been as hard-hit as the retail industry,” said Dharmesh Lamba, Country Manager, Checkpoint Systems, Inc., the sponsor of the study. He further added, “While retailers have had to cut budgets in most areas, this year’s study shows the adverse effect of cutting spending too deeply in the area of loss prevention. Prudent spending in this area can have a very positive effect on bottom-line numbers, and act as a force-multiplier, especially as budgets for training programs and security personnel are reduced.” The report states that in India shrinkage increased by +3.2 per cent. The most high-risk product lines in apparel and food in Asia Pacific were Apparel - Fashion/ tailored clothing (2.18 per cent) and Grocery - High-quality seafood (2.13 per cent) .