The most-stolen grocery item
What do sticky fingers find irresistible? The food item most tempting to shoplifters worldwide might surprise you.
This post comes from Jeanine Skowronski at partner site MainStreet.
Worldwide, the dairy product has a 3.09% shrinkage rate, besting fresh meat (2.79%), and chocolate and confectionery candy (2.78%) globally, according to the U.K.-based Centre for Retail Research. The shrinkage rate measures the amount of products received that go missing from store inventories due to theft or errors.
Chocolate and confectionery candy, however, were more in demand in North America, with a shrinkage rate of 3.60%. In North America, cheese is actually much less in demand when compared with other parts of the world. Its 2.76% North American shrinkage rate also lags behind infant formula, luxury cooked meats and alcohol.
The data are part of a larger survey by the U.K. retail and consultancy organization that has found retail shrinkage rates are on the rise. So far, retailers have lost $119 billion to theft in 2011, up 6.6% since last year.
Additionally, the cost of retail crime plus loss prevention was $128 billion in 2011, equivalent to $199.89 per family or $66.27 per individual.
According to the survey’s findings, dishonest employees cause $41.7 billion or 35% of losses. Customer theft, including shoplifting and organized retail crime, cost retailers $51.5 billion in 2011 (43.2% of total shrinkage), compared with $45.4 billion last year. Post continues below.
Shrinkage can also be caused by internal errors, including mispricing, invoicing errors and administrative failure.
The data are based on responses from major retailers in all business sectors in 43 countries. The survey’s full results are available on the Centre for Retail Research website.
More on MainStreet and MSN Money:
Shrinkage in the dairy and meat categories is primarily due to shelf-life issues, not theft. This article is beyond bad.
Well those numbers are impressive, but how do they compare to the amount of money lost due to the product going off, or past its freshness/expiration date & being destroyed?
How many starving people could have been fed if the manufacturers required retailers to donate the close to expiration dated products to local homeless/women's shelters, soup kitchens, and/or food pantries? Most of these organizations do not stockpile, in fact are unable to stockpile due to the need.
When I worked for Kroger the GM department took a bigger hit. Sudafed and Actifed till it was removed to behind the counter then condoms and dvd's. Alot of over the counter medicine and it has high dollar prices.
Dairy probably comes up in shrinkage due to dated merchandise that gets pulled then counted and tossed. I seen many still good items get tossed the day they went out. Stores also write off that shrinkage too. Basically, they sell it to uncle sam and throw it in the garbage.
Before reading this story I thought to myself...grapes! Definitely grapes. lol Guess I don't know too many meth addicts.
Copyright © 2014 Microsoft. All rights reserved.
ABOUT SMART SPENDING
LATEST BLOG POSTS
If you worry about money after the streetlights come on, these actions may help you rest easier.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'