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Retail Theft Down, But Due to What Factors?

The 23rd Annual Retail Theft Survey conducted by Jack L. Hayes International, the leading loss prevention and inventory shrinkage control consulting firm, shows a small decrease in retail theft for the first time in a decade.

“For the first time in over 10 years, total shoplifter and dishonest employee apprehensions, and the dollars recovered from those apprehensions all declined from the previous year”, said Mark R. Doyle, President of Jack L. Hayes International. “While surveyed retailers made almost a million shoplifting apprehensions, apprehended over 69,000 dishonest employees, and recovered over $148 million from these thieves in 2010, these numbers are all down slightly from the previous year. It appears the economy, fewer store employees, and less Loss Prevention staffing all played a role in these results.”

The survey examines factors such as the economy, fewer staffed employees, and less loss prevention employees, which certainly play a role in reducing the numbers of retail theft. However,  as a security company, VinTech wonders if one of the major reasons of these results should be the development and deployment of security technology. Security has become more affordable and user friendly for business owners with tremendous theft prevention results, none of which was examined in this survey.

An interesting fact in the survey is that “on a per case average, dishonest employees steal 5.9 times the amount stolen by shoplifters ($639.99 vs $108.46).” According to this survey, a business owner should be watching their employees more than their customers. To read more click here.

What do you think? Are employees more aware of security cameras? Do consumers know they’re being watched in stores, and by better technology? Are people deterred more by security cameras rather than loss prevention employees? Let us know what you think!

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