Retail crime is on the rise, and it’s affecting companies of all sizes. The National Retail Federation (NRF) estimates that organized retail crime cost stores an average of $1 billion in sales in 2020, up more than 50% over the last five years. Additionally, a Business.org survey of small business owners found that 89% of small business owners experienced shoplifting in 2021.
“There’s no two ways about it,” said Gautham Vadakkepatt, Director of the Center for Retail Transformation at the George Mason University School of Business in an interview with Retail TouchPoints. “I’ve talked to several retailers and it’s a major issue that all the big retailers are dealing with.”