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Retail Theft is on the rise

Shoplifting is on the rise. From organized retail crimes such as cargo theft to smash-and-grab theft by mobs. As economic fears grow amid inflation and rising interest rates, shoplifting tends to rise when the economy is in turmoil, but retailers are sounding the alarm and in many cases are shutting down some retail locations. Organized crime at retailers has increased over 26% in 2021 and the numbers continue to rise this year.

Large-scale store theft is becoming a bigger part of retail’s strategy and concerns. This affects everyone. From product availability to staff and customers’ safety, retailers are looking for new technology to help them curb the problems. From smart cameras at self-checkout terminals to increased monitoring and security.

Solving the problem has proven to be difficult and the actions of some will affect all of us. Walmart said it could be forced to raise its prices and close some of its stores, Target has also sounded the alarm saying it was experiencing a large number of retail crime incidents nationwide.

We continue to monitor industry news to bring you the latest information, business solutions and the latest trends in the market. Follow us for more.

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