Store theft added $423 to the average American family's shopping bill this year according to a new report on retail theft released Tuesday.
"That's a phenomenal figure," said Joshua Bamfield, author of the 2010 Global Retail Theft Barometer report from the U.K.-based Center for Retail Research. Compared to the $186 global average cost of theft to consumers' budgets, retail crime hit American consumers much harder, he said.
57Email Print CommentIn 2010, U.S. retailers lost about $40 billion in stolen goods, or 1.5% of the nation's total retail sales.
Despite the eye-popping figure, losses were 6.8% lower from the prior year. Still, those losses are passed on to consumers.
Consumers lost $422.68 from their shopping budgets this year, down slightly from $435.17 last year.
Bamfield said the decrease in retail crime in the U.S. correlated with retailers boosting security spending by 12.5% this year.
The same trend was seen globally. Retail theft worldwide fell 5.6% in 2010 versus last year.
The annual report identifies top trends in retail crimes in 42 countries, including the United States, China, India, Europe, Japan and Australia. The report was based on a confidential survey of 1,103 large global retail companies.