No matter the size of the business, theft is one of the biggest problems retail establishments face. In fact, U.S. Businesses see around $60 billion loss due to retail shrinkage each year. This loss cuts deeply into slim profit margins, often crippling the small and medium business. This makes protecting retail establishments from loss is a huge priority.
Fortunately, there are a number of effective and cost-efficient ways you can prevent theft in retail establishments.
Look at the Numbers
Before you can reduce loss, you need to understand how those losses occur. According to a 2017 study by the National Retail Federation, there are three main culprits. The study states that shoplifting accounts for 36.5% of loss, employee theft for 30.0%, and “other” (suppliers, contractors, management, administration) at 33.5%.
Evaluate Your Facility
Understanding where most losses occur, take a critical look at your facility and identify areas of security weaknesses. Some may be immediately identifiable, such as a lack of oversight at the register to prevent “sweethearting” while others may be less obvious, such as having a floor layout that provides shoplifters coverage.
Have Your Facility Professionally Evaluated
As a business owner, it can be difficult to be objective regarding gaps in security. To avoid this problem, gain insight from a security professional who can provide recommendations based on industry and local knowledge.
Implement a Commercial Security System
One of the top security system tools used in retail stores is video surveillance. Video surveillance systems affordable, easily deployed, and are a strong deterrence in shoplifting, employee theft, and in identifying other areas of loss.
Additional valuable tools in commercial security are access control and intrusion detection. Access control technologies allow business owners to restrict access to areas such as storage to only authorized personnel. This technology is especially helpful as it can provide a report of who accessed restricted areas. Intrusion detection is helpful in preventing theft due to break-ins.
Life Safety Fire and Security Solutions provides affordable commercial security systems that help businesses protect their profitability. Call us today to help fortify yours! 800-263-1116