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How can we better integrate the latest anti-theft technologies and loss-prevention research into our store designs from the outset? The good news: Skills developed on the consumer side can be flipped around and used to fight retail crime. What are the most customer-friendly ways to protect high-value items from smash-and-grabs?
While shrink is far from a new problem in retail, the impact of theft — particularly large-scale operations run by organized retail crime (ORC) rings — has been garnering the attention of executives at some of the country’s largest retailers, including Lowe’s , Target and Dick’s SportingGoods.
Dick’s SportingGoods also attributed part of the brand’s 23% profit drop in the second fiscal quarter of 2023 to theft ( CNBC ). Throughout his retail career, lossprevention remained a focus. It’s not just the biggest retailers who are taking a hit; small businesses are feeling the impact.
Trend 6: LossPrevention Enters the Design Conversation Earnings results from Dick’s SportingGoods, Lowe’s and Target brought theft, and specifically organized retail crime (ORC), into the media spotlight. We are already observing a good share of retailers revisiting their shopper experience to tackle organized crime.
The perception gained even more support as Lowe’s, Dick’s SportingGoods and Target all blamed ORC for negatively affecting their financial results. billion in 2021 retail shrink could be attributed to ORC. Additionally, definitions remain vague.
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