New results from detailed analysis of the expected return on investment for the Facewatch crime reporting system has been completed and was presented at the recent British Retail Consortium (BRC) Conference.
Based on a typical UK national chain store and using a prudent assumption of just 10% reduction in store theft, as a result of using Facewatch the net savings could be equivalent to GB pound 100 million of turnover or opening seven new stores or taking on 400 full-time employees.
Facewatch enables police to work more closely within the business community and to demonstrate greater success in solving crimes. In light of the August riots this has become a key priority for all police forces and business.
By instantly providing the full CCTV evidential package and approved witness statement(s) online, Facewatch is enabling retailers, businesses and the police to form a genuine partnership on a national basis for the first time ever.
GB pound 1.1 billion of goods stolen from retailers
In 2010, according to the BRC no less than GB pound 1.1 billion worth of goods were stolen from UK retailers. BRC figures also show that the under-reporting of customer theft could be as high as 100,000 offences per annum.
UK shrinkage, meanwhile, represents an estimated 1.3% of retail sales. “[In 2010]…Crime put an extra GB pound 180 on the average British family’s annual shopping bill,” commented Professor Joshua Bamfield, director of the Centre for Retail Research who’s taking part in this Wednesday’s Retail Security Webinar organised by UBM Live’s Security Portfolio in conjunction with Axis Communications.
According to the BRC, businesses currently invest GB pound 210 million each year to fight crimes which Facewatch could help to prevent.
Indeed, shrinkage has become such a widespread issue that Mike Weatherley MP has recently set up the All-Party Parliamentary Group on Retail and Business Crime.
Simon Gordon, chairman and founder of Facewatch, told the British Retail Consortium’s Retail Crime Conference: “Having worked as a chartered accountant and finance director in business I can immediately recognise the huge financial benefit Facewatch will, and indeed already does provide for businesses.”
Detective Chief Inspector Mick Neville said:”It’s vital that businesses and police work in partnership to ensure that CCTV results in persistent offenders being brought to justice. If businesses can quickly provide clear images of suspects from their CCTV system, rather than just providing a disk with hours of footage, police time can be better spent on identifying and arresting the criminals. It will also ensure offenders know that CCTV produce results and prevent more crime in the long term.”
Nicholas Fox, KPMG partner on home affairs, stated: “KPMG has been closely following the progress of Facewatch and we’re impressed by what we’ve seen. The innovative collaboration with the police has the potential to provide real value and benefits to businesses, police forces and the victims of crime.”
Kit Malthouse, the deputy mayor responsible for policing and London Assembly Member has explained: “We have to pull together to beat criminals and Facewatch is a brilliant way to form business and the police into a crime-fighting team. I not only support Facewatch but urge businesses to get involved and install the system.”
Reason for Facewatch being developed
A chartered accountant by profession who was formerly finance director of Skandia Life, Royal Trust Fund management and is the owner of one of London’s busiest and best-known wine bars (Gordon’s), Simon Gordon developed the Facewatch software in response to a spate of bag thefts.
Since its launch last November, Facewatch has been trialled in the Victoria Business Improvement District (BID) in central London. Other High Street names including Sainsbury’s, Pret A Manger and Hamleys have also trialled the system.
The pilot phase has proven immensely successful and, following a launch event in September with James Brokenshire MP (Home Office minister for crime and security), Facewatch is now being rolled out across the UK.
