Research states Shrinkage costing UK retailers almost £11billion a year

New research has revealed that UK retailers are losing almost £11bn every year due to shrinkage – the highest amount of any country in Europe – according to an article in The Grocer.

The ‘Retail Security in Europe. Going beyond Shrinkage’ report, which was based on feedback from 23,000 stores in 11 countries, found that the problem cost UK businesses £10.96 billion annually in 2017.

External and internal theft, administrative errors, non-compliant use, waste, expired products and damaged cold items and goods contributed to the loss, the joint Checkpoint Systems and Crime & Tech paper discovered.

Grocers and convenience stores experienced an average loss of 2% with UK grocers alone reporting a cost of £4.4bn a year.

Shrinkage is a very real problem faced by businesses of all sizes, across all industries – not just retailers, and Bleep solutions are proven to reduce these losses, whether malicious or not!

If you are worried about your shrinkage – whether a retail or hospitality operation – Bleep all-in-one EPOS solutions can help you!

Read the full article from The Grocer: https://www.thegrocer.co.uk/supply-chain/shrinkage-costing-uk-retailers-almost-11bn-a-year/594726.article