The Value of Implementing a Loss Prevention Program
Loss prevention policies and practices have existed in retail venues for decades and continue to prove effective in reducing merchandise theft and managing inventory. The 32nd Annual Retail Survey conducted by Jack L. Hayes International, Inc. showed 348,000 shoplifters and employees were apprehended in over 18,944 stores affiliated with over 21 large retail companies in the United States in 2019. Over $136 million was recovered in lost revenue and merchandise through security practices instituted at these home improvement businesses, apparel, and supermarkets.
Mark R. Doyle, President of Jack L. Hayes International, Inc. noted two-thirds of the participating retailers reported an increase in shrinkage, fraud, and other types of non-recoverable retail losses. Collectively, these retail companies had an 2.44% increase of apprehensions and a 4.88% increase in dollars recovered from 2018. Specifically, shoplifting apprehensions rose 3.04% from 2018 and recovered dollars rose 3.50%. The study also revealed, while employee theft was down 2.93%, there was an increase of 7.75% in recovered dollars, indicating larger dollar amounts in employee related theft in 2019. Doyle indicated “overall, retail theft continues to be a serious problem for retailers, negatively impacting their bottom-line and creating more out-of-stocks and higher prices to the consumer.”
Summary of Retail Theft Apprehensions in 2019
According to the 32nd Annual Retail Theft Therapy Survey
Retail companies interested in monitoring their merchandise inventory and preventing lost revenue should consider SECURITY AMERICA, INC. for their loss prevention needs. With an experienced team of employees and security officers trained in retail security and loss prevention, SECURITY AMERICA, INC. can assist stores with establishing and implementing effective loss prevention policies and programs that are just right for you!
Referenced Outside Sourcing: Jack L. Hayes International, Inc.; 32nd Annual Retail Theft Survey; 2019 https://hayesinternational.com/news/annual-retail-theft-survey/