Co-op reports losses of £33m citing shoplifting as factor in business leakage

Co-op has announced group losses of £33 million in the first half of the year citing high levels of retail crime as a contributing factor to ‘leakage’ within the business.

The retailer said that in the six months to June 2023, it recorded the “highest-ever” levels of retail crime, with 175,000 incidents of shoplifting and anti-social behaviour, translating to almost 1,000 a day and a 35 per cent year-on year increase from 129,500 incidents in H1 2022.

The results follow warnings from Co-op that some communities could become "no-go" areas for shops due to spiralling levels of retail crime.

Co-op recently announced plans to extending a trial of dummy display packaging, designed to deter theft of certain products and decrease the amount of bulk shoplifting in its stores.

The rising crime figures announced by the retailer follows the suggestion form John Lewis chair Sharon White that UK legislation “could do more” to mitigate a surge in shoplifting cases throughout the country.

Late last year, more than 100 retailers, including Marks & Spencer, and Sainsbury’s, signed a letter calling on British police and crime commissioners to make retail crime a priority.

Co-op’s finances also showed a revenue dip to £5.4 billion from £5.6 billion in the same period of 2022.

“We’re clear on our routes to market and growth as we continue to expand our ecommerce proposition at pace and open up owned stores in a way that complements our plans to expand franchise,” said Matt Hood, managing director, Co-op food.

Hood added that the foundations laid through investment in technology had demonstrated that Co-op could become a “more profitable growth business” moving forward.

    Share Story:

Recent Stories

The Very Group
The Very Group transformed range and assortment planning using Board.

Watch the full video

Smarter merchandise planning across the retail value chain
In this webinar, Matt Hopkins, Head of Retail Solutions, Board, Catherine Tooke, SVP Product & Planning, Sweaty Betty, and Subir Gupta, Managing Principal, Thought Provoking Consulting join Retail Systems Editor Jonathan Easton to discuss the findings of the recent Retail Systems report The Merchandise Planning Challenge: How are retailers harnessing technology to optimise planning and retain customers? and examine the innovations that are improving retail planning.