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Loss Prevention Tips that Can Help Save Your Business

 

Theft—a huge financial burden that retailers experience annually across the United States, with millions of dollars lost in revenue as a result of stolen merchandise.  Even with last year's overall retail losses being down from the year prior, today's grim statistics continue to show the ugly truth about retail theft and the devastating effects it has on businesses and our economy.

 

According to the National Retail Federation's most recent National Retail Security Survey:

 

• In the U.S. alone, retailers experienced over $33 billion in retail losses in 2009.

 

• 43% of retail losses were the result of employee theft.

 

• 35% of retail losses were the result of shoplifting.

 

Prevention Tips

 

Shoplifting laws generally define shoplifting as a premeditated act.  In other words, intentionally stealing or paying less for items offered for sale by a retailer with the intent to permanently deny the retailer of the full value of the merchandise.  The crime of shoplifting occurs when the person conceals, carries away, or tampers with merchandise with the purposeful intention to steal or pay less for the item. 

 

With hundreds of US stores closing their doors every year due to the losses experienced from retail theft, merchants should implement the latest technology to control employee theft and shoplifting.  The following are a few security tips that can help you protect your merchandise and your business:

 

• Employ security guards or detectives disguised in plain clothes to monitor customers and employees.  Ensure that all security staff is trained on detention and arrest procedures of suspects.

 

• Install wide-angle mirrors to aid in viewing and monitoring of customers in various parts of the store by employees and security staff.

 

• Install video surveillance cameras to monitor employees as they work and customers as they shop.  Recordings made by video surveillance systems can be very helpful in proving claims against suspects accused of shoplifting or employee theft.

 

• Keep detailed logs of employees responsible for receiving, logging, labeling, and stocking new inventory and put in place strict inventory and accounting procedures.

 

• Invest in an electronic article surveillance (EAS) system and attach the EAS devices to expensive or high-risk merchandise.   An EAS device that is not deactivated by a cashier will sound the EAS alarm when the customer exits the store with the merchandise.

 

• Store high-risk items such as electronics, cosmetics, CDs, DVDs, video games, leather goods, perfume, cigarettes, and liquor in locked display cabinets. 

 

• Secure clothes or other expensive and high-risk merchandise on hanger locks or cables that require the assistance of a store employee to unlock.

 

As a merchant, it's important to remember that shoplifters target stores that offer easy access to merchandise, privacy, and minimal anti-theft measures.  To decrease your risk of retail theft and protect your business, be sure to address the vulnerabilities of your store by putting in place layers of anti-theft devices and procedures. 

 

Although having video surveillance cameras, bag or receipt checks upon exiting the store, electronic security devices secured to merchandise, and a variety of items secured in locked displayed cabinets may be viewed as annoying, disruptive, or uncomfortable by some customers, imagine the effect these anti-theft measures have on shoplifters and devious employees.  Indeed, keeping your customers' shopping experience pleasant is important, but so is protecting and maintaining the financial stability of your business.

About the Author

Global Security Experts, Inc. founder, Jordan Frankel, develops and implements revolutionary products that save and protect lives. Countless agencies and companies such as NASDAQ, the US Military, and law enforcement entrust Mr. Frankel with their security and safety. 

Mr. Frankel is a frequent media speaker on international security, addressing the personal and financial consequences associated with home invasions and other serious threats. His ability to outsmart the proverbial bad guys – coupled with his commitment to making security an affordable reality for all consumers – is also the key to Mr. Frankel's success.

Mr. Frankel is a proud member of the American Society for Industrial Safety & Security and the International Association for Counter Terrorism & Security. http://www.globalsecurityexperts.com

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