BOCA RATON, Fla. — According to a study conducted by the University of Florida, retailers lost $31 billion in 2004 due to employee theft, shoplifting, vendor fraud and administrative error. This represents a loss of 1.54 percent of retail’s total annual sales.
When comparing the 2004 figures to the previous year, the study revealed that shoplifting rose while employee theft slightly decreased.
ADT Vice President of Retail National Accounts Rex Gillette says the survey clearly shows retailers are spending more to combat retail crimes. He adds that dishonest employees and shoplifters have shown themselves quite capable of targeting retailers that fail to protect themselves using the right electronic security systems.
