Myer is the latest retailer to call out a dramatic increase in shoplifting which the company say is at a historic high.

Like many others in the retail sector, Myer has been forced to invest in security and technology to prevent the loss of products.

Australian Retailers Association chief industry affairs officer Fleur Brown told Jo McManus on 6PR Afternoons businesses should invest in quality CCTV equipment.

“It is a real stress point… which is costing billions of dollars a year,” said Ms Brown.

Press PLAY below to hear how companies are tackling the crime wave