Shoplifting is the second largest source of inventory shortage according to the National Retail Security Survey. This one area alone a ccounts for 34% of retail businesses Annual Shrinkage and Loss.
- Shoplifting amounts to 34% of annual inventory
shrinkage.
- Less than 1 in 50 shoplifters is ever caught.
- Estimated at $10.5 billion per year from retail
businesses in the United States.
- Shoplifting losses have increased steadily
each year.
- Increase may be due to growing presence of organized
retail crime rings and shoplifting gangs working
as a team.
FACT: #1 Reason Given for Shoplifting: It Was
Easy, No Risk!
Short Stories:
- Higher gas prices have brought an increase
of drive-offs at the pump. In addition to lost
sales, gas theft can create a dangerous situation
for customers and store clerks. They usually speed
off, and the safety of store customers and employees
is of first concern.
- A Kentucky convenience store owner installed cameras 6 months ago and said notifying customers that they're being recorded has drastically reduced drive-offs.
- Gasoline theft cost the industry an estimated
$237 million in 2004, more than double the $112
million in 2003, according to the National Association
of Convenience Stores. The average loss per store
was $2,141 in 2004.
Solution: People will not steal if
they know in advance they are being watched. With the
implementation of digital surveillance cameras and a
public notification system including strategically located
video monitors, warning signs, and notices, customers
realize that they cannot steal without being seen or
getting caught.
Businesses know the importance of protecting their inventory as pointed out in a recent article which stated; “The retail industry today is very competitive and retailers cannot afford to give up profits to thieves. Dishonest employees and shoplifters tend to go the path of least resistance and will target a retail location that has not invested in technology to prevent theft”.
