Shoplifting outweighs recession in Namibia

CRIME has overtaken inflation as the number one threat to retailers in Namibia, who are losing millions as economic hard times lead to increasing theft.

A survey of 20 leading companies done by IJG Securities as part of their quarterly look at local retail, show that crime, especially theft, caused losses of N$5,1 million during the last three months of 2009. ‘The theft is mostly attributed to the difficult economic times and the large volumes of customers who frequent retail outlets,’ IJG says in its latest report, adding that retailers are unsure of the extent to which their employees are involved in these incidents.About 78 per cent of companies interviewed complained of losses due to theft. In IJG’s previous retail survey, released last October, only 50 per cent of companies raised the same concern. ‘Crime topped the list of major challenges that the industry facing, being recorded by nine out of the 20 retailers,’ the survey states.In October, inflation fears gave retailers the most sleepless nights.Also under the top five challenges identified by the retail sector in the latest survey, are skills and education, access to finance, inflation and macroeconomic uncertainty.Last October the list consisted of inflation, crime, macroeconomic uncertainties, electricity prices and labour regulations.jo-mare@namibian.com.na