The good news for retailers is that shrink rates have shrunk
from the previous year according to the 2018
National Retail Security Survey. Shrink — the loss of inventory due
to theft, error, fraud, or shoplifting — costs 1.33 percent of sales, which totals
$46.8 billion. That brings the number down from the previous year’s $48.9
billion. The National Retail Federation (NRF) partnered with the University of
Florida and Appriss Retail to poll 63 retailers’ loss prevention professionals.
Here’s what you need to know about shopping
center security.
2018 National Retail Security Survey Highlights
Even with the overall shrink rate dropping, more than 40
percent of retailers still face the problem as they say their shrink has grown.
Fortunately, that number is down from the previous survey’s 49 percent. The
following are the top causes for losses:
Shoplifting and organized crime: 36 percent
Employee theft: 33 percent
Administrative errors: 19 percent
Vendor fraud or error: 6 percent
What are retailers using to help shopping
center security? These are the top loss prevention systems per the
survey:
Burglar alarms
Remote monitoring
Armored car deposit pickups
Digital video records
POS data mining
Retailers rely more on technology, considering the use of
uniformed security guards and fitting room attendants has fallen. Further, the
results reveal retailers are making strides in curbing criminal activity.
Nonetheless, retail
security teams still have work to do in tightening security with the
right solutions.
What Can Be Done About Retail Security?
In “Exposing
Loss Prevention,” Robert Moraca, NRF VP, loss prevention, makes
suggestions to improve shopping center security. He advises using video
surveillance with multiple views for eyes on the store and the parking lot. The
video system needs to be visible to everyone because criminals tend to go after
stores with no camera systems.
Stealth Monitoring’s proactive security solution caught some
trespassers dumpster diving in the back of a Georgia shopping center. Watch the
video to see the arrest.
Moraca’s second recommendation is to build a relationship
with local law enforcement. Don’t wait for an emergency to happen. Get to know
the police officers and their names. Networking with them costs nothing but a
little bit of your time. Encourage them to stop by the store for food and
drinks. They may drive by more often, which helps deter criminals.
Although external crime continues to increase, SecurityInfoWatch.com
quotes Moraca as saying that retailers have gotten better at controlling
internal theft through training and advanced technology. Some possibilities
worth exploring include remote video surveillance and live video monitoring. Moraca also encourages putting fewer of the higher priced items
on the floor. Instead, display the box with a note to see a sales associate. It
can also help to put expensive items in caged areas or behind locked glass.
If you would like more information about proactive shopping
center security solutions and how they can help protect your valuable assets,
please contact
us.
