On the heels of the annual NRF Protect Expo last month in Long Beach, retail Loss Prevention has been big news. And, for good reason too, as retail shrinkage accounts for over $40 billion in losses annually in the United States alone.
In 2013-14, shoplifting and internal theft from dishonest employees accounted for 80 percent of all retail shrinkage. However, different retailers are affected differently. Department stores, for example, fall prey to shoplifters almost 3x than from employees. Meanwhile, Discounters suffer losses from employees at almost a 2x level relative to shoplifters.
Below, an interesting infographic from pricegun.com breaks down the shoplifting threat. Important for retailers is this significant statistic and the LP opportunity it represents: On average, shoplifters are caught only one in 48 times.