REG - Thruvision Group PLC - UK retail theft to cost £7.9bn in 2023

ThruvisionAnnouncement

13/11/2023 09:00

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RNS Number : 2384T  Thruvision Group PLC  13 November 2023

13 November 2023

Thruvision Group plc

 

UK retail theft to cost £7.9bn in 2023

 

Thruvision Group plc, the leading provider of walk-through security
technology, has today with Retail Economics, an independent economics research
consultancy , published research that shows UK retailers forecast that theft
will cost them £7.9bn this year.

 

Shoppers account for 60% of the value of the theft (£4.7bn) while employees,
working in distribution centres (DCs), distribution and stores, account for
40% (£3.2bn).

 

Theft in DCs is the employee crime that is under-reported by retailers with
some 42.6% (£1.4bn) of the total employee theft from DCs.

 

Around two thirds of retailers interviewed believe that over the past decade
the opportunity for crime in DCs has accelerated. Among those that have seen
an increase in employee theft over the past year, 70% state they've seen an
increase in organised crime in DCs.

 

A copy fo the report can be found here:
https://www.retaileconomics.co.uk/uploads/file/The%20Cost%20of%20Retail%20Crime%20Report%20(Thruvision%20-%20Retail%20Economics).pdf
(https://protect-eu.mimecast.com/s/2fhdCpZ8NfQEOrFPQcJt?domain=retaileconomics.co.uk)

 

Colin Evans, Chief Executive, commented:

 

"That employee theft is a rapidly growing problem is not a surprise, but the
scale of financial losses suffered by UK retailers in their distribution
centres really is. What is even more surprising is that so few retailers seem
to be prepared to deal with this very serious problem when proven technology
solutions exist - only one in six retailers are investing in detection and
deterrence technology to solve Distribution Centre theft.

 

"Our fast, effective and employee-friendly security technology is used to
check quickly many thousands of loyal and hard-working staff every day in DCs
across the UK, and is proven to deter criminals, petty and organised, from
stealing from their employers.

 

"Many well-known high-street retailers have demonstrated how our technology
has a return on investment of six months or less."

Richard Lim, CEO of Retail Economics, says:

 

"Retail crime adds to a backdrop of rising operating costs that have squeezed
profitability in recent years. A startling 40% of theft stems from a minority
of retail employees. The nature of theft becoming more organised demands a
widespread and holistic approach incorporating deterrence, detection, and
industry-wide collaboration.

 

"Proactive measures not only curb the impact of theft, but also cultivate a
safer environment, attracting talent and fortifying the industry. Striking a
balance between fairness among honest employees and deterrence is now pivotal
as structural shifts leaves retailers vulnerable to disconnected workforce and
supply chain complexity."

 

 

 

 

 

 

For further information please contact:

 

Thruvision Group
plc
                +44 (0)1235 425400

Colin Evans, Chief Executive

Victoria Balchin, Chief Financial Officer

 

Investec Investment Banking (NOMAD &
Broker)                            +44 (0)20 7597
5970

Patrick Robb / James Rudd / Sebastian Lawrence

 

Meare
Consulting
                +44 (0) 7990 858548

Adrian Duffield

 

About Thruvision (www.thruvision.com (http://www.thruvision.com) )

 

Thruvision is the leading developer, manufacturer and supplier of walk-through
security technology. Its technology is deployed in more than 20 countries
around the world by government and commercial organisations in a wide range of
security situations, where large numbers of people need to be screened
quickly, safely and efficiently. Thruvision's patented technology is uniquely
capable of detecting concealed objects in real time using an advanced AI-based
detection algorithm. The Group's offices are near Oxford and Washington DC.

 

Retail Economics

 

Retail Economics is an independent economics research consultancy focused on
the consumer and retail industry. It analyses the complex retail landscape to
draw out actionable insight for its clients by supplying proprietary data on
sector growth, behavioural trends, channel performance and forecasts. Its
research and subscription service provides unbiased analysis on the key
economic and social drivers underpinning the retail sector, helping to inform
critical business decisions, giving organisations a competitive advantage
through deeper insights.

 

Find out more at: www.retaileconomics.co.uk, or
email: info@retaileconomics.co.uk

+44 (0)20 3633 3698

 

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