How much are you Losing?

According to a national study conducted by the University of Florida, almost half of inventory shrinkage is attributed to employee theft. The study discovered further that a combination of four sources of inventory shrinkage is costing the retail sector billions of dollars annually.

University of Florida’s Security Research Project, which is housed by the Department of Sociology and the Center for Studies in Criminology and Law, conducted the 2001 National Retail Security Survey and determined that along with employee theft, three other factors contributed to the staggering loss: shoplifting, administrative error, and vendor fraud.

Assuming gross annual retail sales of $5 million dollars, the study’s shrinkage rate can be factored in to forecast the loss in dollars:

  • Supermarkets: $24,400
  • Drug Stores: $37,600
  • Discount Stores: $37,200
  • Home & Garden: $27,600
  • Music & Video: $22,600
  • Department Stores: $125,200
  • Gift & Novelties: $53,200
  • Sporting Goods: $34,800

The study took a cross section of the retail industry and concluded the following shrinkage rates:

  • Supermarkets: 1.42%
  • Drug Stores: 1.88%
  • Discount Stores: 1.86%
  • Home & Garden: 1.38%
  • Music & Video: 1.13%
  • Department Stores: 6.26%
  • Gift & Novelties: 2.66%
  • Sporting Goods: 1.74%

November 30, 2015

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