Theft, fraud and losses from other retail “shrink” totaled $61.7 billion in 2019, up from $50.6 billion the year before as industry security executives reported increases in the number of shoplifting, organized retail crime and employee theft incidents, according to the annual National Retail Security Survey released by the National Retail Federation.
SaaS plaforms, personal safety devices, store occupancy managers, access control and more. What are some new products that can help to secure an enterprise and its assets?
The National Retail Federation announced its annual exposition and conference will take place in-person at the Jacob Javits Convention Center in New York City June 6-8, 2021. In addition, NRF is hosting a virtual event January 12-14, 19 and 21-22, 2021.
The Wall Street Journal recently stated that commercial burglaries have almost doubled in New York City since March 12 when a state of emergency was declared. Reason being, thieves are targeting nonessential businesses that have shuttered locations as a result of government directives or are robbing essential businesses that would likely have more cash on hand. Multiple retail organizations are also reporting an increase in shoplifting attempts and point of sale shrink since the beginning of the coronavirus outbreak. In times like these, as a rise in theft, burglaries and other disturbances are expected, security is more important than ever.
The National Retail Federation welcomed a nearly $500 billion package set for a vote in the Senate that would increase funding for loans to small businesses and provide other economic aid during the coronavirus pandemic.
In retail, brick-and-mortar stores experience loss or shrink due to shoplifting, fraud, employee theft and human error. To mitigate against this, many have dedicated loss prevention (LP) personnel who use a variety of tools, including in-store video surveillance systems and point of sale (POS) systems, to deter and investigate theft. But, despite the continued best efforts of LP teams, shrink is on the rise.