The cost of crime in the UK retail industry has reached the highest level in a decade to £603 million in the 2013-14 financial year.

According to this year’s British Retail Consortium (BRC) retail crime survey, the average value of each in-store theft across the total UK retail sector increased by 36% to £241 per incident. Shoplifting and cyber-crime are now at its highest since its current recording system began in 2004.

The vast majority of retailers also reported suffering increasing levels of fraud, most of which is now committed online. Items most frequently targeted included electrical goods, designer clothes, power tools and cosmetics.

BRC director general Helen Dickinson said: "Criminal activity against UK retailers continues to have wide-ranging consequences for businesses, employees and the vast majority of honest shoppers.”

"It is clear that retailers are facing an increasingly sophisticated criminal. Despite an average investment of £2 million per business in crime and loss prevention, retailers need help and support to respond to the threat."