Retail Theft Surges: Frontline Managers Take Action to Curb the $95B Loss
In a troubling trend for the retail industry, retail theft has seen a significant spike in recent years. According to a report by the National Retail Federation, theft losses reached a staggering $95 billion in 2022. This surge in theft has prompted frontline retail managers to take action to mitigate the losses and ensure the safety of their stores and employees.
A survey conducted by Axonify, a frontline enablement solution provider, sheds light on the challenges faced by these managers. Out of the 300 frontline managers surveyed, a striking 70% claimed to have witnessed an increase in theft within the past year. Furthermore, 85% expressed their concerns about the growing issues of theft and customer violence in the industry as a whole.
The survey also revealed that almost half (49%) of frontline managers reported a recent uptick in theft and customer violence in the past month alone. Petty theft or shoplifting was reported by 38% of the respondents, while 41% stated that their stores had fallen victim to organized retail crime. Additionally, approximately 45% of frontline managers reported instances of workers being caught stealing items from their stores.
To address this alarming trend, retail managers have implemented various initiatives. Sixty-one percent of them said they are now locking away more products to prevent theft, while 42% have been forced to temporarily close down their stores or certain locations due to an increase in theft and customer violence. Another notable step taken by frontline managers is the creation of anonymous tip lines within their stores, which 60% reported having established as a resource for workers and the public to report theft-related issues.
Seeking to enhance security measures, more than half (54%) of the surveyed managers have opted to hire outside security personnel to protect their stores and workers from theft and violence. Collaboration with law enforcement agencies has also been pursued by over six in 10 (63%) of the respondents, aiming to track and resolve theft-related incidents.
Interestingly, despite the challenges posed by the surge in theft, the survey indicates that retail managers increasingly rely on employee training to combat the issue. Over half (66%) of the frontline managers reported increasing employee training this year, specifically addressing how to handle instances of theft and customer violence. Additionally, a significant number (64%) expressed confidence in their staff’s ability to appropriately handle and report instances of theft.
The findings of this survey highlight the pressing need for retailers to address the rising issue of theft. By implementing robust security measures, enhancing employee training, and fostering collaboration between the industry and law enforcement, frontline managers aim to curb the $95 billion loss caused by retail theft. It is crucial for the industry to remain vigilant and proactive in their efforts to ensure a safe and secure shopping environment for both customers and employees.
