Constant Force Displays (constantforcedisplays.com), a manufacturer of specialized retail solutions, is addressing statistics showing an increased theft risk for retailers in the winter season.
According to a new survey, retailers are at an increased risk for theft during the upcoming winter. A Global Retail Theft Barometer survey found that 46% of yearly losses from “retail shrink,” which includes shoplifting, occur during the winter. (Source: “Latest Global Retail Theft Barometer Study Finds U.S. Retail Shrink Up,” MarketWatch, November 4, 2015; http://www.marketwatch.com/story/latest-global-retail-theft-barometer-study-finds-us-retail-shrink-up-2015-11-04.)
“The results from this survey show that retailers need to be taking security measures before the holiday season arrives,” says Alan Cundiff, Director of Operations at Constant Force Displays. “Almost half of retail thefts are occurring in a three-month period, which is an extraordinarily high amount.”
Retail shrink refers to theft and administrative errors. Losses were twice as high in the winter as they were in autumn, while the spring and summer seasons combined only accounted for less than a third of losses. The holiday season is the busiest time of year for most retail businesses, so it may be that some people are taking advantage of the commotion to pocket. For unprepared businesses, there may be a lot of opportunities for theft. Some people may also be feeling a financial crunch during the holidays.
While the survey found that small, easily concealed items, such as razors and liquor bottles, were often targeted, shoplifters also aimed for high-value products, like tablets and other electronics.
“The risk is there for any type of product,” Cundiff explains. “Retailers need to be taking a multifaceted approach to fighting theft that involves more than just hiring extra security or staff. Businesses should be looking at different solutions depending on the products they sell and the types of theft.”
While shoplifting was the main cause of losses in the majority of countries involved in the survey, employee theft was the leading cause for U.S. retailers. The survey also found that losses from retail shrink have risen since 2013. If the trend continues, that could mean retailers will suffer more during the coming season.
“With something like a security tether attached to high-value items, not only is shoplifting deterred, but the opportunity for internal employee theft is minimized,” Cundiff concludes. “Since the product is stored in staff areas, there’s no opportunity for employees to pin thefts on shoplifting. Ultimately, there are a lot of simple security solutions that can make a big difference for retailers.”
Constant Force Displays specializes in retail solutions that provide the ability to reach and sell more products and solve retail challenges, including the Swiveline, a North American-made security tether that joins products to cabinets. For more information on how Constant Force Displays can help for retail success, visit constantforcedisplays.com.