Retail theft is becoming a growing concern for businesses everywhere. By 2025, the costs tied to retail theft might reach a massive $115 billion.
Retail theft costs are expected to rise by 32.79% over the next three years. Interestingly, Target Stores have already felt this impact. In just the first five months of 2023, theft incidents at Target skyrocketed by nearly 120%.
Let me share the most crucial Retail Theft statistics you should be aware of right away. 📊🛍️
Retail Theft Statistics: The Key Data
- The retail theft cost is expected to increase by 32.79% in next 3 years.
- Stores lost an estimated $86.6 billion to retail theft in 2022, with projections indicating that retail theft may cost stores over $115 billion in 2025.
- Target Stores saw a nearly 120% increase in theft incidents in the first five months of 2023
- The average theft rose from $937 in 2020 to $1,180 in 2021.
- Since 2019, major commercial locations have seen 53% more theft of items under $1,000.
- The average loss per theft incident is approximately $460.
- 74.1% of retailers reported increases in external theft from 2016 to 2021.
Sources: Food Institute, John Jay College of Criminal Justice, Statista, Capital One Shopping, The Hill)
Learn More: Retail Stats
2021 Retail Theft Surges to a Staggering $100 Billion
|Implement stricter security||The high cost of thefts suggests a critical need for improved security measures.|
|Invest in loss prevention tech||Technological solutions could potentially minimize the financial impact of thefts.|
|Enhance staff training||Educating employees about theft prevention could reduce losses significantly.|
The significant $100 billion cost of theft to retailers in 2021 underscores the pressing need for investment in stringent security measures, advanced loss prevention technology, and comprehensive staff training in order to mitigate these losses.
Source: Food Institute
Commercial Sites Witness 53% Rise in Petty Theft Since 2019
|Intensify surveillance on low-cost items||The surge in theft of cheaper items necessitates more focused surveillance.|
|Implement item tracking systems||Item-level security measures can counter the rising theft trend.|
|Prioritize under $1,000 items in security||Prioritizing these items in security strategies can deter theft significantly.|
The 53% increase in theft of items under $1,000 at major commercial locations since 2019 necessitates prioritizing these products in security strategies. Intensifying surveillance and implementing item-level security measures could significantly deter theft.
Retailers Endure Average $460 Loss Per Theft Incident
|Reduce individual incident impact||Minimizing the cost per incident could significantly lower overall losses.|
|Increase theft detection methods||Effective detection techniques can prevent costly theft incidents.|
|Implement anti-theft policies||Anti-theft strategies can reduce the average cost per theft.|
The average loss per theft incident being approximately $460 indicates the importance of reducing the cost per incident, possibly through the application of robust theft detection methods and the implementation of firm anti-theft policies.
74.1% Retailers Report External Theft Surge from 2016 to 2021
|Reinforce external security measures||The rise in external theft signals a need for stronger outside security.|
|Enhance cooperation with law enforcement||Active collaboration with authorities can deter potential thieves.|
|Invest in advanced security systems||High-tech security systems can help curb increasing external thefts.|
The reported increase in external theft by 74.1% of retailers from 2016 to 2021 suggests an urgent need for reinforced external security measures, strengthened cooperation with law enforcement, and investment in advanced security systems to counteract this trend.
Source: Capital One Shopping
70% Storefronts Experience Theft Uptick This Year
|Review current security protocols||The rise in theft necessitates a thorough review of existing security.|
|Implement data-driven loss prevention||Using data analytics can help pinpoint and address theft hotspots.|
|Increase in-store surveillance||Heightened in-store monitoring could deter potential thieves.|
The reported increase in theft in 70% of storefronts this year highlights the importance of reviewing and improving current security protocols, implementing data-driven loss prevention strategies, and increasing in-store surveillance to combat this rising issue.
Source: The Hill