Commonly when thinking of shoplifting, we tend to envision something as juvenile as a teenager stealing a pack of gum from a local gas station. Unfortunately, retail theft has become a lot more serious than most people realize. Over $44 billion in merchandise is stolen from retailers across the US each year. As members of the retail industry, it is crucial to take loss prevention seriously, because the consequences can be greater than what meets the eye.
To avoid potential consequences, it is important to understand loss prevention in its entirety and how you can benefit from having a LP plan for your store.
What is retail loss prevention?
Retail loss prevention is a set of strategies and business practices that is employed by retail companies to prevent the loss of inventory and profit in a merchandising environment. Developing a plan tailored to your business could reduce the likelihood of theft opportunities occurring at your business. It is all about being proactive rather than reactive.
Why should a retailer care?
As business people, our main goal is to increase profit, right? Establishing a loss prevention program can help keep a sustainable revenue system for your company. Retail theft jumps the store’s security expenses, boosts consumer prices and affects your community’s overall sales tax expenditures. According to the National Association for Shoplifting Prevention, there are approximately 27 million shoplifters in the nation today. In other words, 1 in 11 people are shoplifters. If a retail theft incident hasn’t occurred in your store yet, it is only a matter of time.
What can a retailer do?
Find a retail security army that is ready to fight for you. VPG is the industry leader in customizable security solutions because we help tailor your solutions to compliment your store’s loss prevention plan. Our customizable security products are the most versatile in the industry to ensure the least amount of strain on your theft defense strategy. From electronic devices to wearables, you can find a solution to support almost any product you have in store.
Contact our loss prevention team today to learn more.