Shoplifting – The New Career

By June 17, 2023 Uncategorized

May 2023, the findings of a survey conducted by the National Retail Federation (NFR), a century-old retail trade organization, were published. The survey was primarily comprised of senior loss prevention and security executives throughout the industry. It found that shoplifting in this country has reached new highs, and “shrink,” as it is called, now amounts to nearly $95 billion annually. The survey also reported more than a 26% increase in organized retail crime (ORC) in the U.S.

As most retailers know, ORC is a term used to describe the theft of merchandise from stores by organized groups or individuals. In other words, it’s a business. And for the individuals involved, it’s a career. In fact, some of these “organizations” involve one or more family members, potentially turning ORC into a mom-and-pop operation.

The Growth of Shoplifting

Over the years, ORC has become a growing problem. In 2015, it was estimated by the NFR that it cost retailers about $50 billion. By 2021, it had reached $76 billion. This means that retailers’ loss to ORC has doubled in eight years. When others – referring to bad actors – see an industry such as ORC growing, more want to jump in. Call it a get-rich scheme. Could this mean retailers’ loss to ORC might double again in another eight years, approaching $200 billion?

So, what are retailers doing now to address this unfortunate phenomenon?

Learn More Here:

Why Shoplifting Has Become a Promising Career | Security Info Watch

 

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