Retail Crime Reaches Record High, Costing Retailers Over $112 Billion in Losses

Company CultureHigh Tech / High Touch
Written By Jennifer Joslyn

"Retailers Face Record $112 Billion in Theft-Related Losses, Prompting Heightened Security Measures and Store Closures," says the 2023 National Retail Security Survey. Retailers are grappling with a surge in theft-related losses, with theft accounting for almost two-thirds of shrink rates. Despite increased investment in loss prevention, retailers have reported having to close stores, reduce hours, and alter product selections to combat theft, leading to concerns about safety and profitability.

Read more from The Sun ▶

Featured
Retailers Expect Middle-Market Demand This Holiday Season
Retailers Expect Middle-Market Demand This Holiday Season

U.S. retailers are gearing up for a cautious but steady holiday season, focusing on mid-range price items, according to a CNBC Supply Chain Survey.

Target Scales Back Pride Collection After Conservative Backlash
Target Scales Back Pride Collection After Conservative Backlash

In response to pushback from conservative activists, Target has decided to limit the in-store availability of its Pride Month Collection to roughly half of its 2,000 stores.

Costco's Strategic Gaps in Rhode Island, West Virginia, and Wyoming
Costco's Strategic Gaps in Rhode Island, West Virginia, and Wyoming

Costco, the membership-only warehouse chain, has significantly expanded across the U.S., boasting over 600 locations.c

Nordstrom Considers Going Private
Nordstrom Considers Going Private

The Nordstrom family is looking into the possibility of taking their department store private, with a special committee set up to review potential bids.

Zara's Parent Company Breaks Records with Strong Sales and Expansion Plans
Zara's Parent Company Breaks Records with Strong Sales and Expansion Plans

Inditex, the parent company of Zara, saw a surge in its stock prices, hitting record highs after reporting robust early spring sales.

Macy’s Navigates Turbulent Retail Waters With Closures, Luxury Shift, and Activist Investors
Macy’s Navigates Turbulent Retail Waters With Closures, Luxury Shift, and Activist Investors

Macy’s announced plans to shutter 150 stores over three years and 50 by the end of 2024 following a fourth-quarter loss and declining sales.

Walmart's Bold Moves in Customer Experience and Delivery Services
Walmart's Bold Moves in Customer Experience and Delivery Services

Walmart's CEO, Doug McMillon, recently unveiled sweeping changes in customer shopping experiences during a fourth-quarter earnings call with investors.

Alibaba Reveals Chinese Government Stakes in Business Units
Alibaba Reveals Chinese Government Stakes in Business Units

Alibaba Group Holding Ltd. revealed a deeper involvement of Chinese government entities in its various business arms following an inquiry from the US Securities and Exchange Commission.

J.B. Hunt's Strategic Deal with Walmart is a Boost in Intermodal Assets
J.B. Hunt's Strategic Deal with Walmart is a Boost in Intermodal Assets

J.B. Hunt Transport Services has struck a long-term deal with Walmart, snagging their intermodal assets and committing to volume and capacity provisions.

Fast-Fashion Giants Shein and Temu Disrupt Global Air Cargo Industry
Fast-Fashion Giants Shein and Temu Disrupt Global Air Cargo Industry

The rise of fast-fashion e-commerce giants like Shein and Temu is shaking up the global air cargo sector, according to industry insiders.

Walmart Acquiring Vizio to Boost Advertising Business
Walmart Acquiring Vizio to Boost Advertising Business

Walmart has announced its acquisition of TV maker Vizio for $2.3 billion in cash, aiming to bolster its profitable advertising business.

Walmart's Ambitious Plans Include Over 150 New and Expanded Stores in the Next Five Years
Walmart's Ambitious Plans Include Over 150 New and Expanded Stores in the Next Five Years

Walmart, already a retail giant, is aiming to get even bigger. Over the next five years, the company plans to build or convert more than 150 large-format stores, with some expanding from smaller locations into Supercenters offering groceries and merchandise.

Walmart's Major Drone Delivery Expansion
Walmart's Major Drone Delivery Expansion

Walmart has unveiled its largest drone delivery expansion plan, covering 1.8 million households in the Dallas-Fort Worth area.

Record Online Spending and the 'Buy Now, Pay Later' Trend
Record Online Spending and the 'Buy Now, Pay Later' Trend

During the holiday season, online spending hit a record high, increasing by 4.9% year over year, totaling $222.1 billion, according to Adobe Analytics.

Lazada Initiates Layoffs Amidst Southeast Asian E-commerce Competition
Lazada Initiates Layoffs Amidst Southeast Asian E-commerce Competition

Lazada, the Southeast Asian e-commerce platform owned by Alibaba, has initiated a new round of layoffs that will be affecting employees across all Southeast Asian markets.

Nike Faces Stock Plunge as Revenue Outlook Slashed Amid Market Challenges
Nike Faces Stock Plunge as Revenue Outlook Slashed Amid Market Challenges

Nike's shares tumbled over 10% after the company revised its revenue outlook for the fiscal year, anticipating just 1% growth instead of mid-single-digit growth, citing challenges in Greater China and EMEA, digital traffic softness, and a stronger U.S. dollar.

Amazon Slashes Fees to Compete with Shein in Fast-Fashion Market
Amazon Slashes Fees to Compete with Shein in Fast-Fashion Market

Amazon is feeling the pressure from fast-fashion app Shein and has decided to cut referral fees for cheap clothing items in an effort to compete.

U.S. Retail Sales Surge in November, But Concerns Loom Over Future Consumer Spending
U.S. Retail Sales Surge in November, But Concerns Loom Over Future Consumer Spending

In November, Americans increased their spending ahead of the holiday season, with retail sales rising by 0.3%, surpassing expectations and reversing the decline recorded in October.

Major Economic Concerns Amid Record Thanksgiving Shopping Weekend
Major Economic Concerns Amid Record Thanksgiving Shopping Weekend

A recent Fox News poll revealed that more than 75% of Americans are worried about the state of the economy.

Walmart's Stock Surges to Record High as Investors Bank on Holiday Season Success
Walmart's Stock Surges to Record High as Investors Bank on Holiday Season Success

Walmart's stock reached an all-time high, hitting $166.30, as investors anticipate the retail giant to outperform its competitors during the holiday season due to its reputation for offering value.

Holiday Shoppers Expected to Boost Spending
Holiday Shoppers Expected to Boost Spending

Holiday shoppers are expected to increase their spending this year, but their focus on value and deals is likely to limit growth to pre-pandemic levels, says the National Retail Federation (NRF).

Shein Faces Hurdles as It Eyes IPO Amid Forced Labor Allegations and Other Concerns
Shein Faces Hurdles as It Eyes IPO Amid Forced Labor Allegations and Other Concerns

Shein, the fast-fashion retailer with a reported valuation of $66 billion, is looking to go public but faces several hurdles.

Costco CEO Craig Jelinek to Retire, Ron Vachris to Take Helm
Costco CEO Craig Jelinek to Retire, Ron Vachris to Take Helm

Longtime Costco CEO Craig Jelinek will retire at the end of the year, and he will be succeeded by Ron Vachris, who has been with the company for 40 years.

Rite Aid Files for Bankruptcy Amid Debt Woes and Opioid Litigation
Rite Aid Files for Bankruptcy Amid Debt Woes and Opioid Litigation

Rite Aid, a debt-laden U.S. pharmacy chain, has filed for bankruptcy protection and plans to close underperforming stores, sell its pharmacy benefit subsidiary Elixir, and address lawsuits related to the sale of addictive opioid medications.

Belgian Intelligence Probes Logistics Hub of China's Alibaba at Local Airport
Belgian Intelligence Probes Logistics Hub of China's Alibaba at Local Airport

Belgium is investigating potential security risks related to China's Alibaba Group's presence at Liège Airport, where its main European logistics center is located.

Former Walmart U.S. CEO Observes a Slowdown in Consumer Spending Amid Scarce Bargain Prices
Former Walmart U.S. CEO Observes a Slowdown in Consumer Spending Amid Scarce Bargain Prices

Former Walmart U.S. CEO Bill Simon has highlighted that ongoing inflation and various economic pressures are impacting retailers' ability to offer bargains, leading American consumers to be more cautious with their spending.

Retail Crime Reaches Record High, Costing Retailers Over $112 Billion in Losses
Retail Crime Reaches Record High, Costing Retailers Over $112 Billion in Losses

"Retailers Face Record $112 Billion in Theft-Related Losses, Prompting Heightened Security Measures and Store Closures," says the 2023 National Retail Security Survey.

Target Closes Nine Stores in Multiple States Due to Rising Theft and Organized Retail Crime, Citing Safety Concerns
Target Closes Nine Stores in Multiple States Due to Rising Theft and Organized Retail Crime, Citing Safety Concerns

Target is closing nine stores in California, Oregon, New York, and Washington due to increasing thefts and organized retail crime that have put the safety of employees and customers at risk.

FTC Chair Lina Khan Defends Amazon Antitrust Lawsuit, Citing Competition Protection
FTC Chair Lina Khan Defends Amazon Antitrust Lawsuit, Citing Competition Protection

FTC Chair Lina Khan defended the agency's antitrust lawsuit against Amazon, emphasizing that it aims to protect free and fair competition rather than punish success.

Jennifer Joslyn
Previous

U.S. Faces Child Care Crisis as Pandemic Relief Funds Expire, Threatening Thousands of Centers and Millions of Children
Next

Western U.S. Homeless Encampments Trigger Supreme Court Showdown