Estimates are that theft is costing the entire industry in Australia hundreds of millions of dollars annually, and the major supermarkets Coles and Woolworths, have reported big spikes over the past year.
"Retailers across the globe are reporting high levels of consumers that aren't paying for goods or not scanning goods appropriately," he says.Mr Mortimer says while shoplifting has always existed, inflation pressures and organised crime gangs are seeing the frequency and the severity increase. Coles CEO Leah Weckert also revealed this week that theft and product markdowns is costing the retail giant.She says theft and product markdowns have increased "about 20 per cent year on year — and that is driven by the organised crime".The company reported a $1.1 billion profit for the 2022-23 financial year, a 4.8 per cent increase.
"We've seen an increase in stock loss over the last 12 months in our retail businesses, but it's been fairly modest and it's largely been a reversion back to levels experienced pre COVID," Mr Scott said. Woolworths, which recorded a 4.6 per cent rise in full-year profit to $1.62 billion, is also increasing its spend on security and technology to fight the problem.