Retail Theft: A growing threat and how to choose the right security company

The surge in retail theft across high streets, retail estates and shopping centres poses serious challenges for retailers this year and beyond. Protecting staff and valuable stock is of paramount concern. With various security companies available to retailers, making the right decision when selecting a partner to prevent against shoplifting is crucial.

 

The Rise of Retail Theft

Retail theft is a serious problem that costs businesses a considerable loss in profit. According to the National Retail Federation, shrinkage, which is a term used to describe all inventory loss, including theft, spoilage, and administrative error, cost retailers an estimated £94.5 billion back in 2020. The figure continues to increase according to the NRF.

There are several reasons for the rise in retail theft, including:

• The increased value of goods – The cost of many everyday items has risen in recent years, making them more attractive to steal.
• Changes in shopping habits – The growth of online shopping has made it easier for shoplifters to steal merchandise and resell it online.
• Organised retail crime – There has been a rise in organised retail crime rings, which target stores to steal high-value goods.

 

The Impact of Retail Theft

Retail theft has a significant impact on businesses, not just in terms of lost revenue. It can also lead to:

• Increased security costs – Businesses may need to invest in additional security measures, such as security guards, CCTV cameras, and alarms.
• Higher insurance premiums – Insurance companies may raise premiums for businesses that have been the target of theft.
• A decline in staff morale – Staff who have been threatened or abused by shoplifters may feel less safe and secure at work.
• A negative impact on the customer experience – Overt security measures can deter customers from shopping in a store.

How to Choose the Right Security Company

With so much at stake, it is important to choose the right security company to protect your business from retail theft. Here are some key factors to consider . . .

1. Experience – Look for a security company with a proven track record of success in the retail sector. They should have experience working with businesses of all sizes and in a variety of retail environments.
2. Licensing and Insurance – Make sure the security company is licensed and insured in accordance with all relevant regulations. This will help to protect your business from liability in the event of an incident.
3. Staff Training – The security company’s staff should be well-trained in all aspects of retail security, including shoplifting prevention, customer service, and emergency procedures. Look for a company that provides ongoing training for its staff.
4. Staffing Methods – The security company should use a variety of staffing methods to deter shoplifters, such as uniformed security guards, plain-clothes detectives, and mobile patrols. Equally the way in which should operate should be underpinned by a solid level of emotional intelligence.
5. Tailored Solutions – No two businesses are the same, so the security company should be prepared to develop a customised security plan that meets the specific needs of your business.
6. Technology – The security company should use the latest technology to deter and detect shoplifting where they can, such as CCTV cameras, electronic article surveillance (EAS) tags, and access control systems.
7. Reputation – Choose a security company with a good reputation for reliability and results. Ask for references from other businesses in the retail sector.

Conclusion

Retail theft is a serious problem that has a significant impact on businesses. By choosing the right security company, you can help to protect your staff, inventory, and customers.

Additional Advice

In addition to the factors mentioned above, here are some additional tips for choosing the right security company:

• Get quotes from several different security companies before making a decision.
• Be sure to ask the security company about their experience in specifically understanding and handling shoplifting incidents.
• Find out what the security company’s precise process is for responding to shoplifting incidents.
• Make sure you are comfortable with the security company’s staff and that they are a good fit for your business.

By following this advice, you can choose a security company that will help you to reduce retail theft and protect your business.