Business
Theft and fraud costs Co-op Group nearly £40m in just 6 months
Crime rose sharply in Co-op shops over the last six months, with 950 offences taking place every day, the business said.
The cost of theft and fraud in Co-op’s food business rose to £39.5m in the first half of 2024 alone. Compared to the same time a year earlier, it cost 19% more, up from £33.3m.
Across the half-year period, 172,008 incidents took place, 4% more than in 2023.
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In an effort to bring down stealing, Co-op began testing the use of artificial intelligence (AI) in 14 shops to detect concealed goods and alert staff members.
The technology can detect a physical assault taking place and directly alert security, requesting support, the company said.
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Shoplifting hits 20-year high
The problem of increased stealing is not unique to Co-op, it said, as a report from the Association of Convenience Stores (ACS) showed that, while Co-op represented nearly a third of sales covered, it experienced only 6% of the crime reported.
As the cost of living crisis hit, shoplifting reached a record high with 16.7 million incidents recorded in 2023 – more than double 2022, costing retailers about £1.8bn – a record sum – according to an annual survey by industry group the British Retail Consortium (BRC).
There was also a rise in violence and abuse against shop workers which spiked to about 1,300 incidents daily in 2023, a rise of 50% from 870 the year before.
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Also announced on Wednesday in its half-year interim results was the opening of 120 new shops by the end of 2025.