Taylor Albrecht’s Post

The news is not fresh, but interesting. ( https://lnkd.in/e4CuTXsP ) The problem of theft in U.S. stores has acquired a catastrophic scale According to the study, retailers will lose $122 billion in 2023 due to store theft, which is about 2.5% of all sales in the United States. Approximately 9% of Americans stole from the store at least once in one form or another - the average theft is $460. Since the beginning of the pandemic in 2020, the total amount of theft in U.S. stores has doubled: from $62 billion to $122 billion. How do you fight theft?

Some scary analytics in this recap.

Fox Business Network and Capital One missed the mark on this one. "Despite enhanced safety measures, retail theft remains a significant challenge for business, potentially costing the industry more than $140 billion in 2025, according to recent estimates." "The bank (Capital One) already estimated that retailers lost $121.6 billion to retail theft last year. That's up from the $112.1 billion loss in gross revenue and $84.9 billion hit from fraudulent sales returns they experienced in 2022, according to Capital One's most recent data published at the end of October." Unfortunately, neither of those statements are factually based / true. In fact, they are gross mischaracterizations of retail shrink composition. Retail shrink, which is typically not a publicly reported metric, is comprised of SEVERAL different factors, theft being just one. Retailers who chose to respond to the annual National Retail Federation (NRF) survey in 2023, and of those who chose to share their shrink performances, reported a total loss of $112B in FY 2022. That $112B is all encompassing of ALL sources of retail loss. Not just theft. While the reported total loss numbers are real, the proportionate underlying causes (i.e., theft, administrative, process, fraud, billing, wastage, etc.) are educated estimates only, at best. In other words, no retailer knows exactly how much of their total financial shrink is attributed to each of the above contributors with any degree of certainty. #retail #retailleadership The Wall Street Journal Retail Dive National Retail Federation Retail Industry Leaders Association (RILA) CNBC Bloomberg The New York Times https://lnkd.in/gtYxesa8

🔒 How are you safeguarding your retail business against the growing threat of organized crime rings and the significant financial losses incurred through retail theft? Executives are sounding the alarm on the financial repercussions and operational challenges brought about by these criminal activities targeting stores. From stolen merchandise to lost revenue, the effects of retail theft are far-reaching and costly. 💸 The numbers don't lie - theft costs businesses billions of dollars each year. Retail theft is not just a problem for businesses, it's a problem for all. We support retailers in their efforts to combat theft, we can help protect our communities and ensure a safer shopping experience for everyone. Contact us: eliminatetheft@scorpionsp.com 🛡️ #scorpionsecure #retailsecurity #eliminatetheft https://hubs.li/Q02spvJV0

Will the Retail Theft Era Ever Come to an End? In the last few years, cities across the nation have been sharing reports of retail crime in all sorts of shapes and sizes, ranging from flash mobs in broad daylight to organized retail crime rings. How do trends in retail theft across different cities reflect broader socio-economic conditions, and what implications might this have for retailers’ strategies? Read the article & panel discussion here: https://lnkd.in/ejWiPSxH David Biernbaum "Retail theft is a law enforcement issue. There are too many lame excuses for crimes in our country today, and too few crimes are punished appropriately, and especially retail crimes." Lisa Goller, MBA "Locking up merchandise pushes shoppers online and they may wind up choosing a rival’s e-commerce site instead." Neil Saunders "Theft has been around since the beginning of time: stallholders in ancient Rome had problems with urchins stealing things from them."

Retail theft: Some stores are taking extra steps to get back merchandise Published: January 11, 2025 Another article of business/ companies utilizing social media like Facebook to combat retail theft. #lossprevention #assetprotection #retail

Retail theft surges 93 percent since 2019, with rising violence concerns: New industry study reveals dramatic increase in retail theft and unprecedented levels of violence against store employees. #RetailTheft #Shoplifting #CrimeStatistics #StoreSafety #RetailIndustry

Retail theft is a persistent issue that has become more complex with the widespread adoption of self-checkout systems. While these systems offer operational efficiencies and reduce labor costs, they also shift the responsibility of scanning items onto customers which leaves room for theft. The convenience of self-checkout can unintentionally encourage theft. Statistics from Capital One show that theft increases by up to 65% at self-checkout compared to traditional cashier lanes, with 15% of consumers admitting to stealing through self-checkout and 44% of those planning to re-offend. This trend presents a significant challenge for retailers. According to Daniel Kline, TheStreet, some major retailers like Walmart and Target are reassessing their self-checkout strategies. Five Below has implemented notable changes by reducing the number of self-checkout registers and positioning associates to assist customers, especially in high-shrink stores. CEO Joel Anderson highlighted the importance of these front-end initiatives and guard programs in combating shrink. Dollar General is also addressing shrink with a comprehensive approach that includes supply chain efficiencies and the removal of self-checkout in the majority of its stores. CEO Todd Vasos emphasized the need for consistent front-end presence and effective inventory management as part of their strategy. These steps by leading retailers highlight the need to balance operational efficiency with robust theft prevention measures. By enhancing the presence of associates at self-checkout stations and refining inventory control, retailers can mitigate theft while maintaining customer trust. As the retail landscape evolves, so too must the strategies to safeguard profits and ensure a secure shopping experience. https://lnkd.in/gRhb6_v2 #HalifaxWest #WinTogether #capitaladvisory #MandA #restructuring #operatingadvisory

If, as I wrote yesterday, police are not helping shops about theft, the fact is that you can easily find a shop that could do more to help itself. Like a branch of TK Maxx in a county town that on the walk from the door to the tills appeared to have one (female) member of staff on the floor, and two, including the (female) branch manager, behind the till, serving a queue that over lunch only got longer. Did they not know Christmas, the busiest time of the retail year, was coming? Not only did the shop seem to have little in the way to stop (or deter) a thief walking out without paying: who's to say the wait to pay could be the last straw in a shopper's bad day that causes verbal abuse against staff, when eventually served? In a town where even WH Smiths (long a byword for doing as little about security as it can get away with, the same as pubs on the high street are bywords for where thieves go to offer stolen goods for sale) has been hiring a security guard more often than usual (so another store's manager told me: all in retail have eyes and notice and rate what others are doing).Retail choicesShops like the rest of us make choices all the time, between securing things and making them conveniently available. High shelves that serve to conceal thieves concealing things. The most desirable goods such as alcohol nearest the door. Why not as in The Body Shop I went in yesterday have two (female) staff almost near touching distance of the door, carrying tablets that make them mobile till points. It started during covid, one told me, to avoid shoppers having to queue well inside the premises, that's shaped long and narrow. The store then can offer prompt customer service, and take your money before you have second thoughts about buying butter; that you spread on your skin? to moisturise?! Of all I saw yesterday, for this man that was the hardest thing of all to understand.

Did you know you can reduce stealing in your shop by saying hello in the first 3-4 seconds to people who come in the door? Read our 3 Top Tips To Reduce Retail Theft article to find out more. #retail #retailsecurity #retailtheft https://lnkd.in/ehKA5QZ2