Organized retail crime is up. Will loss prevention efforts respond in kind?

 

 

Organized retail theft continues to rise, according to a recent National Retail Federation survey. The results of the survey beg the question -- are retailers increasing their loss prevention and security efforts in response?

One indicator appears to be that 36 percent of the 61 retailers surveyed said their company is increasing its annual loss prevention budget. Another is that the NRF has dedicated an annual event called NRF Protect, described as "retail's loss prevention, digital fraud and cyber risk event."

The IFPO has a stake in loss prevention as well, as the profession is one of the most popular for security professional to enter. For more information, go to the IFPO's Career Center.

Here is an excerpt from the NRF study:

The toll from organized retail crime continues to be a serious problem for retailers, with the average loss topping $700,000 per $1 billion in sales. NRF's Organized Retail Crime survey helps retailers measure the impact of ORC and understand evolving tactics to fight the ongoing challenge.

Key Findings
-- The financial impact of organized retail crime is considerable. ORC costs retailers an average of $719,548 per $1 billion dollars in sales.

-- ORC continues to pose a serious threat to retailers. Three in four ORC victims said they’ve seen an increase over the past 12 months.

-- More than six in 10 see the need for a federal law to combat organized retail crime.

View the results of the survey on Infogram.

 

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By |2020-12-16T06:47:28-05:00December 16th, 2020|News|Comments Off on Organized retail crime is up. Will loss prevention efforts respond in kind?

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