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Texas codified specific penalties for organized retail theft back in 2007 when the crime cost businesses an estimated $2.5 billion — but since then, the crime has only become more popular.
However, the National Retail Federation (NRF) said that same month that the effect of theft on retailers’ bottom lines was about the same as in previous years, with total retail shrinkage at $112 billion in 2022 (1.55% of sales), up from $93.9 billion (1.44% of sales) in 2021. External theft, including organized retail crime, represented 36% ...
Shoplifting (also known as shop theft, shop fraud, retail theft, or retail fraud) is the theft of goods from a retail establishment during business hours. The terms shoplifting and shoplifter are not usually defined in law, and generally fall under larceny .
Retailers suffered more than $112 billion in losses due to shrink last year alone, according to the National Retail Federation, putting the bust at just 0.00125% of the year's total.
The company took steps to secure more products after it found retail theft accounted for a rising share of shrink. However, locking products behind plastic has not proved effective, he said.
Retail giants have always had to deal with petty theft, but a growing trend of organized retail crime is now not just eating into company profits, it’s threatening the safety of workers.
Electronic article surveillance antennas at an H&M store in Torp shopping mall, Sweden. Electronic article surveillance (EAS) is a type of system used to prevent shoplifting [1] from retail stores, pilferage of books from libraries, or unwanted removal of properties from office buildings.
Target is trying to thread the needle as it combats retail's long-running problem: store theft."I feel so much better today than I did a year ago," Target CEO Brian Cornell said in an interview ...