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Shoplifting is the largest single reason for loss of merchandise. [30] Retailers report that shoplifting has a significant effect on their bottom line, stating that about 0.6% of all inventory disappears to shoplifters. According to the 2012 National Retail Security Survey, shoplifting costs American retailers approximately $14B annually. [31]
Retailers in the U.K. lost $1.3 billion worth of sales last year because of shoplifting—retailers are trying innovative ways to crack down on it.
A Shopwatch scheme [1] in the United Kingdom is a partnership where retailers unify as an independent group [2] to pre-empt theft in retail premises. The Shopwatch organization works closely with local authorities and intends to reduce retail crime and antisocial behaviour and to help make shopping areas safer for customers and staff.
Many retailers and industry lobbying groups say shoplifting is at crisis-level proportions and even forcing some stores to close. But Best Buy says it has shoplifting under control.
Shopkeeper's privilege is a law recognized in the United States under which a shopkeeper is allowed to detain a suspected shoplifter on store property for a reasonable period of time, so long as the shopkeeper has cause to believe that the person detained in fact committed, or attempted to commit, theft of store property.
Theft (from Old English þeofð, cognate to thief) is the act of taking another person's property or services without that person's permission or consent with the intent to deprive the rightful owner of it.
Beswick v Beswick [1967] UKHL 2, [1968] AC 58 was a landmark English contract law case on privity of contract and specific performance.The House of Lords, overruling the decision of Lord Denning in the Court of Appeal, ruled that a person who was not party to a contract had no independent standing to sue to enforce it, even if the contract was clearly intended for their benefit.