The Co-operative Group has reported a sharp increase in the cost of crime in its stores, with theft and fraud amounting to £40m in the first half of the year. Despite investing £18m in measures to protect staff, including body-worn cameras and fortified kiosks, the grocery chain suffered a hit of £39.5m from shoplifting and fraud. The company’s managing director of food operations, Matt Hood, highlighted the escalating violence against shopworkers, with four colleagues being attacked daily.
The Co-operative Group attributed the rise in shoplifting to organised criminals rather than individuals stealing to survive. The retail-to-funerals business returned to profit, reporting pre-tax profits of £58m for the first half of 2024. The company plans to expand with new stores and potential acquisitions, driven by a 10% increase in underlying earnings in its food division.
Despite a £39m increase in wage costs due to the rise in the national living wage, the Co-operative Group saw rising numbers of members, reaching 5.5 million currently. The group aims to reach 8 million members by 2030 and plans to open 120 retail stores across the UK by the end of 2025. The chief executive, Shirine Khoury-Haq, welcomed the government’s plans to make shoplifting a standalone offence but emphasized the urgency of its implementation. The Co-operative Group continues to invest in the safety of its staff and strengthen its business operations amidst the challenges of rising crime rates.
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