RETAILERS LOSE MILLIONS A DAY DUE TO THEFT
By Adnews Staff
Canadian retailers lost $3.5 million each day last year because of customer and employee theft, according to the 1998 Canadian Retail Security Report, prepared by the Retail Council of Canada. Customer theft accounts for 40% of the loss, while employee theft accounts for 26% of the theft. Loss due to administrative error and vendor fraud accounted for the remaining 34%. The council estimates that retailers lost $1.9 billion last year due to theft. The Retail Council of Canada was founded in 1963. It is a non-profit, member-funded industry association whose more than 7,000 members include national department store chains, national and regional discount chains, mid-sized retail operators and independent store owners.
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