The Costs & Consequences of Shoplifting
According to the Office for National Statistics, nearly half a million shoplifting offences were recorded in the year ending June 2024 – a 29% increase compared to the previous year. This rising threat carries long-term consequences for businesses, communities, and economic stability, making it essential for organisations to appropriately address these concerns and mitigate risk.
A variety of socio-economic factors, such as financial hardships, over-stretched resources, and the rise of online resale sites, contribute to the issue meaning that there’s no one-size-fit-all solution.
However, if left unaddressed, these security threats can have long-lasting, detrimental effects on businesses. So, what can you do to protect your most valuable assets: your property, people, and premises?
Implications for Business and Society
Retail theft doesn’t just affect stock or profit. It has far-reaching implications across multiple areas of a business and within the local community.
Financial Impact
It’s estimated that shoplifting cost the retail sector nearly £2 billion last year: a staggering statistic that can – and will – have significant repercussions for both large chains and independent retailers.
Organisational Ramifications
As a result of this reduced profitability, many organisations are faced with difficult decisions to compensate for the losses – such as increasing the price of goods or cutting down operational costs, including letting staff go.
Consequently, loyal customers may experience a change in service, which could harm reputation and recurring custom, further hindering business growth and success.
Psychological Effects
In many cases, employees are the first (and often only) line of defence, having to confront offenders, which not only puts them in very serious danger but can leave them with long-term stress and anxiety.
In turn, perceptions of the local area can become tainted. Especially because petty crimes, such as shoplifting, can sometimes escalate into more serious conflicts. And if individuals begin to deem it unsafe, footfall may fall, and progression and growth opportunities decline.
Strategic Prevention Approaches
Taking a holistic overview of the landscape and implementing a bespoke security strategy is key in ensuring your business is wholly protected. A combination of advanced technologies – such as CCTV, people-counting systems, and PS Locks – along with communication tools like wireless headsets, can help ensure the safety of employees and customers.
Investing in cutting-edge solutions and collaborating with external security professionals can provide you and your team with total peace of mind, increase confidence, and enhance morale. Also, strengthening relationships with law enforcement can further promote vigilance, quick responses, and a more secure environment overall.
Don’t let retail theft impact your business. Get in touch with our expert team to learn more about how our comprehensive end-to-end service can protect your premises and people.