Reposted from Walden Security

Retail shrinkage is projected to increase to $132 billion in 2024, up from $112 billion in 2022. Retail shrinkage refers to the loss of inventory for businesses, the difference between recorded inventory on a company’s balance sheet and its actual inventory. Many factors contribute to retail shrinkage, including retail theft. SHOPLIFTING refers to an individual instance of small-scale theft for personal gain, usually by concealing items in a purse or pocket, etc. It is often opportunistic with little planning. It is the most common type of retail theft across the country and, according to a report from the Council on Criminal Justice, has increased by 24% in the first half of 2024 (compared to 2023, and based on data from 23 cities). Inflation and rising costs contribute to the increase, as many are first-time offenders trying to make ends meet. SMASH-AND-GRAB Videos of smash-and-grab retail thefts have been plastered across news outlets in cities such as New York City, Chicago and Los Angeles. Also referred to as flash robberies, these attacks require multiple participants who move quickly, smashing through windows and doors and looting merchandise. They often target visible, easy-to-move items and park illegally to have a quick entrance and exit. The perpetrators are brazen, relying on the chaos to cause confusion, while moving as quickly as possible. ORGANIZED RETAIL THEFT Smash-and-grab retail thefts are similar to organized retail theft (ORT), but ORT attacks differ in their coordination, scope and type of perpetrators. To define simply, ORT involves a group of people, often part of a criminal enterprise, who work together to steal merchandise. ORT involves the theft of large quantities of merchandise for resale on the black market. ORT perpetrators are highly organized and can spend weeks planning attacks. They often use deceptive tactics and slip out undetected, differing from the brazen, public smash-and-grab attacks. The breadth of their attacks varies as they attack across the supply chain. That includes truck jacking, cargo theft and e-commerce theft, such as using stolen credit cards to purchase merchandise or changing bar codes. PREVENTING RETAIL THEFT Whether the thefts are planned or opportunistic, most perpetrators select stores and locations that are isolated or have poor security features, such as low lighting, insufficient locks, or a lack of formal security systems and cameras. Most cases go unsolved unless a perpetrator is apprehended in the act. The good news, though, is that security technology continues to evolve to help combat retail theft and capture the perpetrators on camera, increasing the chances of apprehending them. Stores can better protect themselves and their customers with an integrated camera and surveillance system. One such system is a Mobile Surveillance Unit (MSU), a portable trailer that provides 24/7 wireless remote monitoring and video feed. The high visibility of MSUs and policestyle strobe lights serve as a deterrence, while they also have audio intervention capabilities that allow operators to warn perpetrators they are being recorded and to leave before law enforcement is contacted. The video footage is securely stored in the unit and backed up off-site for video forensics. Contact us to learn more about our MSUs and deterring retail theft.

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