Poundland has said it is plugging more money than ever into new security measures to tackle retail crime after losing more than £40 million worth of stock last year.

ch prompted the group to take steps to bolster its financial performance, including lowering prices for customers and increasing cost savings.

As well as bodycams and headsets for staff to communicate quickly when incidents occur, Poundland said it was working more closely with local police to crack down on offenders and recruiting more undercover security guards.

Official figures released in October showed that shoplifting in England and Wales had hit a new 20-year high.

Nearly 470,000 offences were logged by police forces in the year to June 2024, up 29% on the previous year, and the highest annual figure since current records began in 2003.

Poundland said its low prices and high-street locations made it a prime target for shoplifting.

Rolling out the technology and resources marked the business’s biggest investment in tackling retail crime, although it did not disclose the value of this spending.