Market Place

Jewelers Saw Theft Loses Rise In 1996 While U.S. retailers as a whole saw their losses to employee and shopper theft drop by .1% in 1996, retail jewelers’ losses rose .17%, according to a recently released University of Florida survey of retailers. The survey polled 227 retail companies in 24 different markets. These firms had an average of $1.6 billion in annual sales and 320 stores each, with 49 employees per store; median sales were $235 million per chain. It found these retailers as a group lost 1.77% of their annual sales to worker theft, shoplifting, accounting mishaps and vendor cheating. The loss rate in 1995 was 1.87%. Ten jewelry chains, each with an average of 376 stores and 11 employees per store, responded to the survey. They reported a shrinkage rate of 2.27%, up from 2.10% in 1995. According to the report, employee theft was the biggest source of loss, followed b

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