Retailers should remain vigilant and focus their attention on security as theft is costing the industry more than $7.5 billion.

According to the Australian Retailers Association (ARA) executive director, Russell Zimmerman said the financial impact of loss due to theft in Australia each year is estimated at three percent of retail turnover.

As a result, the ARA together with the NSW Department of Justice and Attorney General are providing a free Preventing Retail Loss and Financial Risk resource to retailers.

“Prevention is the best remedy for combating the financial risk posed by retail theft and this joint industry-government initiative offers the convenience of a handbook offering useful guidance as well as the self-paced online training for retailers ranging from shop floor employees through to store managers and owners,” Zimmerman said.

“The 30-minute online training module puts retailers back in control of their stock and will enable them to work to prevent in-store theft, understand the benefits of investing to deter theft and determine how loss impacts on financial performance.

“It’s also important for retailers to be cautious when accepting returns and exchanges as savvy thieves in the US are using fake receipts or returning merchandise that was stolen or purchased with counterfeit money.”