Co-op managing director of food Matt Hood has said the monetary cost of shoplifting pales compared to its impact on staff members.
The grocery boss said it estimated “around £39m of loss” during its first half, which was up 19% on last year amid the ongoing crime epidemic.
However, he noted: “It is really important for me to point out that the monetary cost is small compared to the physical and mental wellbeing of all of my store colleagues who face this issue every single day.”
“It just fundamentally shouldn’t be part of their job.”
The executive added he thought shoplifting was becoming “more brazen” and described the fact that it was “investing in things that put people off shoplifting” as “the key”.
He noted the convenience giant was spending £27m annually on security and guarding, over £5m on fortified and more secure kiosks, and £3m on new CCTV, AI and other future ways of making its stores “as safe as possible”.
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Despite all this, he claimed the rampant retail crime was not having an impact on its recruitment of staff to the retailer.
“We are a business that people want to be part of,” he insisted.
“We are not actively seeing that it’s a challenge in terms of recruiting for people to work in our stores or wanting to be part of Co-op.”
It comes after Co-op experienced its highest-ever levels of crime and abuse in its stores as shoplifting across the UK hit a 20-year high earlier this month.
The retailer’s group public affairs and board secretariat director Paul Gerrard told the House of Lord’s Justice and Home Affairs Committee that levels of crime were up by 44% in its stores and within that, violence and abuse incidents had risen 35%.
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