Loss prevention

Inventory shrinkage is a major problem faced by retail businesses all over the world. This situation increased with the recession in 2008 and 2009. A survey of 25 major retailers which was carried out by Hayes International in 2010 found that both shop lifters and employees stole more than 6 billion in 2009 (Hayes International 2010). Hayes International (2010) also found out that the 25 retailers included in the survey apprehended over 1 million shoplifters and dishonest employees in 2009. Approximately 163 million was recovered in the process. The survey also revealed that apprehensions increased for the fourth straight year. It was up approximately 15 from the previous year. This was the worst year and appeared to have been precipitated by the poor economic situation. According to Risk