Record Shrink Demands An Unprecedented Response

(Before It's News)

The fourteenth annual Global Retail Theft Barometer was published a bit earlier this month, and its release exposed a hard-to-swallow truth to the U.S. retail loss prevention community. We’ve taken our eyes off the ball, and consumers are paying the price.

According to the survey-based report, U.S. retail shrink rose considerably over the course of the last 12 months, from 1.28 percent of sales in 2013-2014 to 1.97 percent during 2014-2015. Survey author Ernie Deyle and underwriters Checkpoint Systems say that’s a new record high.

I’m not surprised that shrink is up. Spending priorities have changed considerably during the last twelve months, as evidenced by the findings of IRT’s annual Retail Tech Spending Report. It found that as LP measures go, retailers were putting more resources toward payment security than video surveillance for the first time in the history of the report. That’s a drastic change, but given the dynamics of the EMV initiative, it’s a necessary evil of sorts.

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