Business Security: 10 Tips to Prevent Shoplifting

In 2016, the average inventory shrink rate, increased to 1.44 percent, up from 1.38 percent in 2015, according to the National Retail Security Survey 2017. Shoplifting by outside customers, accounted for 37% of retail inventory loss, followed by 30% in employee theft, 21% in administrative errors and 5% in vendor fraud. This loss cost retailers about $48.9 billion worth of inventory, a National Retail Federation survey found.

Items most commonly stolen include clothing, books, music, jewelry, watches, tires and car parts. “Everyone thinks about little Johnny stealing a pack of bubble gum, but there are also professional gangs that target stores and steal billions of dollars every year,” says Joseph LaRocca, an adviser for the National Retail Federation, in the article. Read more