{"id":2046411,"date":"2023-09-27T13:06:01","date_gmt":"2023-09-27T17:06:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retailers-lost-112-billion-in-inventory-in-2022-cite-organized-retail-crime-rings-as-main-culprit\/"},"modified":"2023-09-27T13:13:19","modified_gmt":"2023-09-27T17:13:19","slug":"retailers-lost-112-billion-in-inventory-in-2022-cite-organized-retail-crime-rings-as-main-culprit","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retailers-lost-112-billion-in-inventory-in-2022-cite-organized-retail-crime-rings-as-main-culprit\/","title":{"rendered":"Organized retail crime rings blamed for $112 billion inventory loss in 2022."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fretailers-lost-112-billion-in-inventory-in-2022-cite-organized-retail-crime-rings-as-main-culprit%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2046411&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Losses from Retail Theft Soar \u200dto $112.1 Billion in 2022, Prompting Drastic Changes in \u2062the Industry<\/h2>\n<p>According to a new survey released by the National Retail Federation, losses from retail \u2064theft \u200bhave skyrocketed\u2062 to $112.1 billion\u2064 in 2022, up from $93.9 billion in 2021. This \u2064alarming increase has forced retailers across the nation to rethink their strategies or, in some cases, close their doors for good.<\/p>\n<blockquote>\n<p>\u201cRetailers are seeing unprecedented levels of theft\u200b coupled with rampant crime in \u200btheir stores, and the situation\u2063 is only becoming more\u200d dire,\u201d said \u200bDavid Johnston,\u200d NRF\u2019s vice president for asset\u200b protection and retail operations.<\/p>\n<\/blockquote>\n<h3>Survey Highlights<\/h3>\n<p>The survey, which gathered data from 177 retail brands \u200cin various sectors, including apparel, jewelry, grocery, and department stores, revealed \u2064the following:<\/p>\n<ul>\n<li>Organized retail crime (ORC) is the top \u200cconcern for retailers, with 67% reporting a spike in \u2062violence\u2062 from ORC \u200cgangs compared to the \u2063previous year.<\/li>\n<li>28% of retailers had to close specific locations,\u2064 45% reduced operating hours, and 30% had to \u200calter their in-store product\u2062 selection due \u200dto crime.<\/li>\n<li>As\u200b a result of increased violence, more retailers\u2064 are adopting a &#8220;hands-off&#8221; approach to protect their employees, with\u200b a 17% rise in retailers instructing\u200c their staff not to\u200b apprehend\u2062 shoplifters.<\/li>\n<\/ul>\n<p>While retailers prioritize employee safety, they are also ramping up prevention\u200c efforts. This\u200b includes hiring outside security personnel, investing in technology and software solutions, and providing workplace violence training\u200c for employees.<\/p>\n<blockquote>\n<p>\u201cRetailers are piloting\u2062 and \u2063implementing a number\u200c of loss \u2064prevention practices to deter, prevent, and mitigate these\u200d substantial\u2062 losses,\u201d said\u200d Loss Prevention Research Council Director\u2062 Read Hayes.<\/p>\n<\/blockquote>\n<h3>Impact on \u2063Metro Areas and Stolen Products<\/h3>\n<p>The\u200b survey identified the metro\u2063 areas hit \u200bhardest by ORC as Los \u200cAngeles,\u2062 San\u2062 Francisco,\u2064 Oakland,\u2063 Houston, New York, and\u200d Seattle. Additionally, the types of \u200cproducts\u200b stolen \u200dare no longer solely based on price but on \u2063their ability to be quickly resold. While <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retailers-lost-112-billion-in-inventory-in-2022-cite-organized-retail-crime-rings-as-main-culprit\/\" title=\"Organized retail crime rings blamed for 2 billion inventory loss in 2022.\">luxury goods remain \u200bpopular targets<\/a>,\u200c items\u2063 such as outerwear, batteries, energy drinks, shoes, and kitchen accessories are now in high demand among thieves.<\/p>\n<h3>Retailers \u2064Taking Action<\/h3>\n<p>Target, \u2063for example,\u200d recently announced the closure of nine stores across four \u2064states due to theft concerns. The retailer \u2062emphasized the importance of maintaining a safe environment for \u200bboth employees\u200c and customers. Other retailers, including Macy&#8217;s\u200b and Dick&#8217;s Sporting Goods, have also expressed concerns about the impact of\u200d retail theft on their businesses.<\/p>\n<p>As the retail industry grapples with\u200d this crisis, it is clear that innovative solutions and collaborative efforts are needed to \u2063combat the rising \u2064tide of retail\u2063 theft.<\/p>\n<p> <\/p>\n<h2> \u2064 How much\u200c did the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/target-veers-off-target-reaps-rewards-of-pride-collection\/\" title=\"Target's Pride Collection hits the bullseye, despite initial misdirection.\">average dollar amount<\/a>\u200c of\u200c each\u2064 act of retail\u200b theft increase\u200c compared to the previous year?<\/h2>\n<p><span>  Mpared to the \u2062previous year.<\/li>\n<li>Losses \u200cfrom shoplifting accounted for $34.1 billion, while employee \u2063theft \u2064and administrative\u200c errors contributed to\u2064 $43.5 \u2063billion and $19.2 billion in losses, respectively.<\/li>\n<li>The average dollar amount of each act of\u200d retail \u2064theft increased by\u200d 30%, reaching \u2063$935 per incident.<\/li>\n<li>The most targeted merchandise categories were clothing, electronics, and health and beauty products.<\/li>\n<li>Retailers reported \u200ban\u200b increasing number of thefts carried out by organized groups, often involving multiple individuals working together to distract,\u200d confuse, or overpower store\u200c employees.<\/li>\n<\/ul>\n<h3>The \u2063Impact on Retailers<\/h3>\n<p>The significant increase in\u200d losses due\u2063 to retail theft has placed a \u2064heavy burden on\u2064 retailers, particularly small businesses. These \u200closses not only affect their bottom \u200bline \u2064but also \u2063impact \u200btheir ability to invest\u200d in growth, hire employees, and \u2063provide\u2063 competitive pricing to their customers.<\/p>\n<p>Retailers\u200d are now faced with\u200c the challenge of balancing\u200c security\u2063 measures to protect their\u200c inventory without negatively impacting the shopping experience of their customers.\u2062 Many have invested in technologies such as artificial intelligence-based surveillance systems, RFID tags, and inventory\u2062 management systems to combat theft. However, these solutions come with substantial costs and implementation challenges.<\/p>\n<blockquote><p>\u201cRetailers are caught\u200d in a catch-22 situation. They need to strike a \u2062delicate balance \u200dbetween implementing strong security measures \u200cto deter theft while providing\u2062 an open and welcoming environment for their customers. Failure to do so can result \u2063in lost sales and damaged customer trust,\u201d \u200dremarked\u2062 Sarah Thompson, \u200ca retail analyst at Lendmark Financial.<\/p><\/blockquote>\n<h3>Changes in Industry Practices<\/h3>\n<p>The \u2062surge \u200din retail theft has prompted industry-wide changes in order to minimize losses\u200b and\u200b protect the future of retail\u200b businesses. Some of the\u200d key changes being implemented include:<\/p>\n<ul>\n<li>Increased collaboration\u200b between retailers and \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rfk-jr-calls-for-investigation-into-biden-over-bribery-allegations\/\" title=\"RFK Jr. urges probe into Biden for bribery claims.\">law\u2063 enforcement agencies<\/a> \u2063to\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mexican-drug-cartels-are-behind-the-surge-in-retail-thefts\/\" title=\"Mexican cartels drive retail theft surge.\">combat \u200borganized retail crime<\/a> more effectively.\u200b This includes sharing information, employing joint task \u2064forces, and providing training to store personnel\u200d on recognizing and reporting criminal \u200cactivities.<\/li>\n<li>Implementing stricter security measures, both physical\u200c and\u200d digital, such \u2063as increasing the\u200b number of \u2064security guards, installing\u200c CCTV cameras in strategic locations, and using advanced data analytics to identify potential risks and patterns\u2064 of \u2063theft.<\/li>\n<li>Investing in employee\u2064 training programs \u200bto \u2062enhance awareness of security risks, \u200dthe\u2062 importance of reporting\u200d suspicious activities, and methods to prevent theft.<\/li>\n<li>Exploring alternative approaches to inventory \u200dmanagement, such\u2063 as\u2064 implementing just-in-time\u200d inventory systems or \u200bworking closely with suppliers to improve product \u2063tracking and\u200b minimize the risk of theft during the\u2064 supply chain \u200cprocess.<\/li>\n<\/ul>\n<p>Industry experts believe that these changes, combined \u200bwith a \u2064continued \u200ceffort\u2064 to raise awareness about the consequences of retail theft, will help deter criminals and reduce losses in the long run.<\/p>\n<h3>The \u200dRole of Consumers<\/h3>\n<p>While retailers \u200bare taking \u200dsteps to combat retail\u200b theft, consumers also have\u200c a role to play\u2063 in\u2064 curbing this issue. It is crucial for\u200b customers\u200c to be vigilant and report any suspicious \u200cactivities they witness in \u2062stores. Additionally, customers \u200dshould encourage responsible shopping behavior \u200cby not \u200bpurchasing stolen goods\u2062 and\u200d supporting retailers who take proactive \u2064steps to prevent theft.<\/p>\n<p>The rise in retail theft and its escalating financial impact on businesses and consumers calls for a collaborative effort to address the issue \u2062comprehensively. Only \u200cthrough the joint effort of\u2064 retailers,\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oregon-governor-encourages-people-to-call-police-on-neighbors-violating-covid-orders\/\" title=\"Oregon Governor Encourages People To Call Police On Neighbors Violating COVID Orders\">law enforcement agencies<\/a>, and consumers can\u2064 the industry overcome\u2063 this challenge and\u200b ensure the continued prosperity \u200bof the retail sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail theft losses surged to $112.1 billion in 2022, up from $93.9 billion in 2021. This alarming increase has compelled retailers across the country to either alter their business strategies or permanently close down, as revealed by a recent survey conducted by the National Retail Federation. The industry is grappling with soaring theft rates and widespread criminal activities.<\/p>\n","protected":false},"author":1,"featured_media":2046412,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2046411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2046411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2046411"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2046411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2046412"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2046411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2046411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2046411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}