Sticky Fingers Unglued — Today’s shoplifters are none other than sticky-fingered thieves wreaking havoc on a retailer’s bottom line. According to the Global Retail Theft Barometer 2011, “shoplifting and organized retail crime cost retailers $51.5 billion in 2011 (43.2% of total shrinkage).” Unfortunately, that number is up over 13% from the previous year, affecting nearly every retail market.
The New Zealand Retail Association estimates shop lifting to cost New Zealand businesses a staggering $1-2million each day.
As a retailer, understanding the total financial impact shoplifting has on your business is the first step. Prevention is the second equally crucial step. Retailers least impinged are those actively engaged in prevention. In fact, the most successful retailers are deterring shoplifters by implementing proven solutions such as source tagging, inventory tracking and video surveillance. These preventative technologies can help ensnare shoplifters and allow you to regain your store profits.