Articles by tag: retail crime
Target has announced the closure of nine stores across California, Oregon, Washington, and New York, due to a surge in thefts and organized retail crime. And its shoplifting concerns are being echoed by other retailers: Whole Foods and Ulta Beauty are among the several businesses that have reported rising theft, while Nordstrom recently closed…
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Can Businesses Prevent Retail Theft Without Hurting Their Customer Experience? Here’s What’s Working.
Last year, retail theft caused businesses to lose a staggering $112.1 billion. Released by the National Retail Federation, these findings indicate a 19.4% increase compared to the previous year. From brands like H&M announcing enhanced anti-shoplifting measures to Target closing nine stores, retail theft is having serious repercussions on retailers and shoppers. Is there…
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A Sound Loss Prevention and Asset Protection Strategy Could Mitigate the Rise in Retail Crime
A spike in retail crime and the changing dynamics of the city were two reasons cited for the permanent closure of the iconic San Francisco Centre Nordstrom store, a staple for over three decades. Chief Stores Officer Jamie Nordstrom had previously alerted employees about the company’s decision not to renew its lease, citing the…
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How Leveraging Social Media Investigations Can Detect and Resolve Crimes
Dave Mozden, a board member of the International Supply Chain Protection Organization (ISCPO) and consultant with Sendero Solutions Group, discussed at the ISCPO 2023 Conference how leveraging social media can detect and resolve crimes. Social media has become a gray market platform for the movement of illicit goods. Organized retail crime has now become organized…
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Target Was the Target of Retail Thieves in 2022, And It Cost The Company Millions
Target’s recent quarterly earnings were unfortunately lackluster all-around, missing quarterly expectations with a profit margin of 3.9%, lower than its 5.35% estimates. Consumers’ dwindling confidence and tightening pocketbooks are likely to blame for a slow down in revenue for the retail giant; chairman and CEO of Target blamed “meaningfully” lower sales and profit margins…