As the cost of living continues to increase, we expect that theft will rise alongside it. For example, you might see the average person trying to meet their basic needs by stealing food or personal care items. Or you might see an increase in Organized Retail Crime (ORC) groups stealing in-demand products so they can resell them at a higher cost online.
If you’re looking for ways to prevent theft in retail stores, we’re here to help! Whether your loss prevention plans are nonexistent or you’re looking to strengthen your current plan, this article will educate you on what you can do to protect your business from theft.
What You Should Know About Theft in Retail Stores
Running a business takes significant time and energy. It takes so much of your time every day that loss prevention strategies are often left on the back burner when you run out of hours in a day. But with 16.7% of retailers noticing an increase in shoplifting since the start of the COVID-19 pandemic, loss prevention needs your time more than ever!
If you’re ready to learn what you can do to prevent theft in retail stores, then the Product Protection Solutions (PPS) team is here for you. Most likely, you have security mirrors in place, anti-theft signage hanging, and maybe even a few security cameras installed – but if you’ve only noticed a minor difference in shoplifting (if any), there are other options you can try.
5 Tips on How to Prevent Theft in Retail Stores
#1 Keep a Clean, Organized Store
If a shoplifter sees a cluttered table or a large product display, they see an opportunity to conceal merchandise without notice. Be sure to review your store for any “hidden spots” and try to remove them.
#2 Develop and Maintain a Loss Prevention Culture
You can accomplish this by creating a team environment where everyone works together to fight retail losses.
#3 Look for Item-Specific Solutions
Some merchandise needs extra protection, but how do you know which items need an added defense? You can review your inventory data to determine where you should invest in additional solutions.
Some of the data you can review includes:
- Checking your inventory for unexplained losses (losses can consist of damages, theft, or vendor fraud)
- Reviewing current shoplifting trends for your area
- Searching your merchandise for items that are high-value and easy to conceal
#4 Learn How Loss Prevention Devices Can Assist You
These devices help you to protect valuable, easy-to-conceal products. They come in numerous styles and sizes to fit a wide range of merchandise (some are item-specific, and some can secure several products at once). In addition, you can increase the protection strength by incorporating the devices with an EAS anti-theft system that uses AM, RF, and RFID technology.
#5 Stay Consistent by Documenting Your Goals
Create a list of short-term and long-term loss prevention goals with dates. Then regularly review them to ensure you’re staying on track. You can even share some of the goals with your staff, so everyone is working towards a common objective.
Why You Should Make Loss Prevention a Priority
When you make loss prevention a top priority for your business, you’ll see additional benefits that go along with a decrease in theft.
- Repeat customers by ensuring accurate inventory numbers
- Long-term gains from making an investment in security devices and loss prevention policies that lays the groundwork to prevent future problems
- Creates a culture of safety by reducing the risk of increased shoplifting incidents
Learn More About How Loss Prevention Devices Can Prevent Theft in Your Retail Store
PPS is a loss prevention company that’s committed to your success. We work with retailers every day to find solutions that fit their needs and budget. Loss prevention devices are one strategy that we’ve seen our customers have consistent success with using. So when you contact us, we’ll help you find the solution that’s right for you.