The National Retail Federation's 2023 report reveals that participating retailers experienced inventory losses of over $112 billion due to organized retail crime. This includes coordinated robberies planned through social media and smash and grab tactics. The average shrink rate in 2022 increased to 1.6%, up from 1.4% in 2021. The issue affects both large and small companies across the country, leading to tragic loss of life and violence in retail locations. Major cities like Los Angeles, Oakland, Houston, Seattle, New York, Denver, and Sacramento/Chicago are the primary targets for organized retail theft.
The National Retail Federation — the largest retail association — recently released its 2023 report that found participating retailers reported inventory losses, also known as"shrink," upward of $112 billion.
The report drew from information provided by 177 retail companies, collectively representing $1.6 trillion in retail sales for 2022 in 97,000 retail locations. Compared to 2021, the average shrink rate in FY 2022 increased to 1.6 per cent, up from 1.4 per cent. Large cities like Los Angeles, Oakland, Houston, Seattle, New York, Denver and a tie between Sacramento and Chicago are among the biggest targets for organized retail theft. L.A. topped the list for the fifth year in a row.
"They've added additional security measures, they've protected the goods that are in those stores, they've trained personnel to deal with these situations — and in spite of all that, we still need additional help and additional support."
Violence Major Cities Business National Retail Federation Inventory Losses Shrink Organized Retail Crime Robberies Social Media Smash And Grab Retail Sales
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Contaminated Australian Milk Urgently RecalledFresh Australian milk sold at Woolworths, Coles and independent retailers across NSW and Victoria has been urgently recalled due to contamination by E.coli. The affected batches of full cream, light, and skim milk pose a health risk, especially for pregnant individuals. Consumers are advised not to consume the product and to seek medical advice if concerned about their health.
Read more »
‘Gutful’: Jacqui Lambie fires upTasmanian senator Jacqui Lambie has urged the federal government to set up a national youth crime taskforce following increased reports that Queensland has been engulfed in a youth crime crisis.
Read more »
Israel-Hamas war live: ‘Active investigations’ into alleged war crimes in Israel, Gaza and West Bank, ICC saysWHO ‘deeply concerned’ by report of evacuation warning to Gaza’s al-Quds hospital
Read more »
Eddie Jones' Disastrous Tenure Ends with Wallabies' Early World Cup ExitEddie Jones, the coach brought in to replace Dave Rennie, leaves Australian rugby after a series of losses and a disappointing World Cup performance.
Read more »
Australia urged to cut back $45bn Hunter-class frigate project as part of ‘bold revamp’New report argues navy ‘lacks the resources to adequately protect Australia’s vast maritime interests’
Read more »