Following recent reports that retail crime in the UK is at a 10-year high, with a direct cost of over £600m, we consider what lessons can be learnt from the retail sector and share our top tips to help all businesses identify and maximise the amount recovered through the civil recovery process.
In January 2015, it was reported that retail theft had reached a 10-year high, with a direct cost to retailers of around £600m.
The retail sector is very transparent about the losses it suffers, but there isn’t always the same focus or understanding of the problem of theft and fraud in other sectors, although most certainly there will be a similar problem, if only not on such a vast scale. Whilst the retail sector is transparent about the challenges it faces, they are also extremely sophisticated in ensuring there is no brand damage through this process.
We are talking to companies in a number of different industries about this problem, from the banking and finance sector to a global tech company, and all are experiencing these issues. The common thread we find outside the retail sector is a desire to deal with these types of incident without any publicity.
For this reason a lot of the lessons being learnt by retailer are relevant to other sectors and industries.
Our recovery levels are market-leading and through our innovative Civil Recovery service we can reduce the impact of theft on your business. To start the ball rolling please request your free consultation.This information is intended as a general discussion surrounding the topics covered and is for guidance purposes only. It does not constitute legal advice and should not be regarded as a substitute for taking legal advice. DWF is not responsible for any activity undertaken based on this information.