The spend was up 10% on last year and, said the report, resulted in the overall number of offences decreasing by 11%.
The BRC is calling for the commitment made by retailers to be matched by more support from the government and police. Director general Stephen Robertson said: "Faced with soaring retail crime in recent years, boosted by the recession and insufficient action by the police and courts, retailers dug deeper into their own pockets. With proper support from the courts, police and politicians, the fall in crime can and should be accompanied by the fall in costs that retailers deserve."
The report estimated that there were almost two million customer thefts last year, with the average value of goods stolen increasing from £45 to £70.
The BRC urged the government to take action on unpaid fines, properly enforce restorative justice schemes and re-evaluate which offenders should be dealt with in court.