Retail theft was up for the first time in six years as retailers reported losses of more than $36 billion in merchandise, according to the National Retail Security Survey.
The study, conducted by the University of Florida and sponsored by ADT Security Services, calculated retailer loss based on shoplifting, employee theft and vendor fraud. The rise in theft has retailers bracing for an additional increase in shoplifting this holiday season.
Combined with reduced staffing levels and growing organized retail crime, many retailers are turning to new anti-shoplifting tools and technologies to help stop criminals and limit losses.
According to ADT, popular anti-shoplifting techniques used by retailers include anti-theft tags, smart cameras and people-counting devices. In addition, sophisticated software at the cash register can analyze thousands of pieces of store data to help retailers identify suspicious transactions such as refund fraud.
As example of how retailers are fighting back, The Home Depot, the nation’s fourth largest retailer, deploys an arsenal of integrated anti-theft and anti-shoplifting technologies.
“At this time of year we do see an increase in shoplifting and the anti-theft technologies we use are invaluable,” says Mick Pinneke, senior director for asset protection at The Home Depot. “Our integrated technologies multiply our efforts exponentially, helping us to act quickly to stop and limit criminal activities.”
The National Retail Security Survey, which studied nearly 300 retailers, shows how vital anti-theft technologies are to businesses, says Lee Pernice, director of retail marketing for ADT.
“Despite the recession and its heavy impact on the industry, retailers indicated that they would continue to adopt new technologies and seek greater use of their existing anti-shoplifting tools,” he says.
