Retail Theft Surges to $112B in 2022, Forcing Retailers to Increase Security and Remove Targeted Products

Organized retail crime rings caused $112B in losses for retailers in 2022, a significant increase from $94B in 2021 according to a National Retail Federation report.
Big retailers like Target, Kroger, and dollar stores have warned about rising inventory theft that could compound weak consumer demand.
Retailers are taking measures like adding security guards, removing targeted products, and closing high theft locations.
Dollar Tree plans to remove frequently stolen items like men's underwear from stores.
Even retailers in the UK like Primark are dealing with increased shoplifting, adding security guards and CCTV cameras.

nypost.com

Relevant topic timeline:

9/3/2023

Toothpaste, chocolate, deodorant under lock & key: US retailers voice alarm at rising theft, 'flash rob' attacks - Times of India

Retailers in the US, including Walmart, Target, and CVS, are experiencing an increase in theft and organized shoplifting, leading to heightened security measures such as locked shelves, padlocked refrigerators, and scattered call buttons, in an effort to combat the rising issue that is impacting their earnings.

9/26/2023

Retail Shrink Hits $112B in 2022, Driven by External Theft and Organized Crime

Retail theft has increased in recent years, but its impact on retailers' profits remains consistent, with losses from internal and external theft making up 65% of total shrink, according to the National Retail Federation's 2022 survey.

9/26/2023

Retail Theft Surges to $112 Billion in 2022, Forcing Retailers to Boost Security

Losses from retail crime have increased in 2022, leading retailers to implement more security measures and make changes to their business operations, according to a survey by the National Retail Federation.

9/27/2023

Over 100 Juveniles Arrested for Looting Apple, Foot Locker, Other Stores Across Philadelphia

Multiple groups of looters targeted retail stores and a small business in different neighborhoods of Philadelphia, resulting in arrests and the recovery of stolen merchandise in some incidents.

9/29/2023

Retail Theft Surges, Forcing Target and Other Major Retailers to Close Stores

The rise in theft and violence at major retailers like Target is not only impacting the companies themselves but also negatively affecting the communities they operate in, leading to store closures, job losses, and reduced tax revenue.

9/29/2023

Target Closing Stores Amid Surge in Retail Theft Raising Alarm Bells

Target plans to close several stores due to retail theft and organized retail crime, raising concerns about the worsening problem and prompting retailers to lock up merchandise and push for stricter legislation; however, reliable data on the extent of retail theft is difficult to obtain and it remains unclear if companies are using theft as a cover for other issues like mismanagement or underperformance.

10/9/2023

Florida pastor accused of masterminding $3M Home Depot theft ring

A Florida pastor has been charged with running an organized retail crime ring, stealing items from Home Depot and selling them online, leading to over $3 million in sales since 2016.

10/26/2023

Retail Theft Surges to $112B in U.S., Hits Cities Like L.A. and S.F. Hardest: New Report

The National Retail Federation's 2023 Retail Security Survey reveals that major U.S. cities, including Los Angeles, Oakland/San Francisco, and Houston, have been heavily impacted by organized retail crime, resulting in significant inventory shrink and financial losses for retailers.

10/26/2023

Los Angeles Tops List for 5th Year as Organized Retail Theft Surges in California

Los Angeles remains the top city in the US for organized retail theft, with the average "shrink rate" increasing to 1.6% and resulting in $18.2 billion in losses, prompting the creation of a regional task force to combat the issue.