Retailers nationwide lost an estimated $112 billion worth of inventory last year, with two-thirds lost due to theft alone according to new data from the National Retail Federation released this week.
The organization’s 2023 National Retail Security Survey found that average shrink, or the loss of inventory due to theft, error, or damage, rose from $93.9 billion in 2021 to $112.1 billion in 2022.
Retailers estimate that an average of 36% of that total loss is due to external theft such as shoplifting, while internal theft by employees is estimated to be responsible for 29% of shrink loss. An estimated 27% was lost due to error. 6% of losses are attributed to unknown causes, and 1% are caused by other factors.
"Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire," said NRF Vice President for Asset Protection and Retail Operations David Johnston in a statement. "Far beyond the financial impact of these crimes, the violence and concerns over safety continue to be the priority for all retailers, regardless of size or category.
"Retailers are piloting and implementing a number of loss prevention practices to deter, prevent and mitigate these substantial losses," added Loss Prevention Research Council Director Read Hayes. "In addition to enhancing traditional security measures, many are also allocating resources to innovative emerging technologies for future prevention."
Theodore Bunker ✉ Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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