Shrink is an ever-present concern for most LP professionals. In the past, the focus has been on dishonest employees trying to score a little drug money, but times are changing and LP now has to deal with organizations that specialize in stealing for profit from retail and QSR organizations. Continue reading to learn what this could mean for your business.
Organized Retail Crime
Organized Retail Crime (OCR) costs the retail industry approximately $30 billion each year. It is continuing to grow, with 83 percent of merchants surveyed reporting an increase in the past year, according to the annual Organized Retail Crime surveyby the National Retail Federation. We believe successfully combating this issue requires a concerted effort across retailers/LP, security technology, law enforcement, and legislation.
From the security technology perspective, here are two simple and cost-effective ways of deterring OCR within your business.
Let the world know you’re watching. Strategically placed Public View Monitors (PVM) reminds people that they are on camera and advertises to the Organized Retail Criminals that you are a security minded organization. There are so many organizations that skimp on security that this visual deterrent encourages OCR activity to focus somewhere else. Many of these units can double as a marketing tool which improves the ROI on this investment.
I sit in a lot of LP meetings and I hear repeatedly “It feels like stuff is just walking out the back door” The reality is, much of your shrink is walking out the back door. Securing this opening with electronic security, integrated with video, usually pays for itself within a few months. Knowing when that back door opens and having a visual audit trail of who opened it and what they were carrying closes this opportunity for OCR in your facility.
We want to hear from you. What specific security issues are facing your business? Contact our team of security professionals for a no-cost survey of your facility. We will then provide you a proposal with multiple finance options to fight back against the growing problem of Organized Retail Crime.
Mark Nazarenus is the President of ITech Digital. Mark is an experienced security professional that partners with organizations across the nation to design custom security solutions for industries like retail, restaurants, warehouse and commercial buildings, K-12 schools and colleges.