BREAKING NEWS: Retailers Say Theft Nears $100 Billion Annually

Adds Urgency to attend our Free Webinar on Retail Crime Prevention: Thursday, May 25, 2023, at 11 AM Pacific Time

BREAKING NEWS: Retailers Say Theft Nears $100 Billion Annually

The Gist

A May 17, 2023, report from MarketWatch notes the gravity of retail theft in this country. Based on a survey by the National Retail Federation, an industry group, "shrink" — or losses attributed to theft, fraud, or employee error — amounted to $94.5 billion in losses in 2021. That was up from $90.8 billion in 2020. 

Further, the survey found that retailers reported an average 26.5 percent increase in organized retail crime.

Examples

According to the report, retailer REI  plans to close one of its best-performing stores in downtown Portland, Ore., because of shoplifting and higher crime rates in the city. The company told MarketWatch that it spent over $800,000 on extra security last year to replace windows with security glass, install better lighting, and establish 24/7 security. Still, a representative said, the store had ten burglaries in 2022, and a car slammed through a store entrance on Black Friday. 

Further Starbucks Corp. Nike, and Walgreens Boots Alliance Inc. have shuttered locations, citing theft, dangers to employees, drug use in restrooms, an acute homelessness crisis, and what executives describe as a “surge shoplifting”.

Thoughts From an Industry Leader 

"The unfortunate fact is violent incidents are increasing at our stores and across the entire retail industry, and when products are stolen, simply put, they are no longer available for our guests who depend on them," Target Chief Executive Brian Cornell. “And left unchecked, theft and organized retail crime degrade the communities we call home."

Addressing the Situation

The MarketWatch reports said more stores nationwide have locked products behind protective glass, aisles have been armed with monitors, and more items tagged with security sensors. Home Depot Inc. began selling power drills that don't work unless a cashier activates them.

What You Can Do Now

TAL Global is presenting a webinar specifically for retailers on proactive steps they can take now to reduce shoplifting, retail crime, and improve their stores' profitability.

This is a FREE Webinar to help you. 

The webinar Crime Prevention & Its Complexities in a Retail Environment will be held on Thursday, May 25, 2023, at 11 AM Pacific Time, 2 PM Eastern (US and Canada)

To register, click here: https://zoom.us/webinar/register/WN_MY6jt6B2RdyuQlL9wcE1lg