Retail theft surges 93% since before COVID-19 pandemic: 'Retailers have not been crying wolf'
Published On Dec 18, 2024, 3:11 PM
Retail theft has escalated dramatically, rising 93% since the pre-COVID-19 pandemic era. In 2023, the average number of shoplifting incidents soared to 177 per day, with a 90% increase in monetary losses for retailers compared to previous years. The National Retail Federation reported that incidents of organized retail crime have become more violent, with a significant number of retailers aiming to enhance protection for employees and customers. Despite increased efforts and changing laws to combat these crimes, the trend shows little sign of reversing. The NRF advocates for federal legislation to better coordinate efforts against organized retail crime.
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The rising instances of retail theft pose significant challenges for retailers, potentially impacting their profitability and operational costs. Retailers will likely increase spending on security measures and technology to combat theft, which may affect their margins in the short term. As such incidents continue to affect consumer confidence, some retailers might face negative sales trends. However, companies that manage to adapt their strategies effectively could mitigate impact and possibly even capitalize on increased consumer demand for safety and security in shopping environments.
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