In 2022, inventory shrink contributed to $112.1 billion in losses, up from $93.9 billion in 2021.
Hundreds of retailers are shutting down across the country in what some experts are dubbing the 'retail apocalypse,' and a large number of the closures are tied to an uptick in retail crime.This month, Target announced it would be closing nine stores due to skyrocketing shoplifting levels. Walmart has also dealt with similar concerns at its locations, shuttering four in Chicago and warning that price increases could be on the way as inventory disappears.
It's simply unacceptable – no one should have to go to work fearing for their safety.'Mirroring American levels of rising crime, rates of violence and abuse toward retail employees in the United Kingdom have nearly doubled pre-pandemic levels. In 2022, workers dealt with 867 incidents every day, according to the BRC 2023 Crime Survey.In the United States, many retailers have pushed for legislation like the Combating Organized Retail Crime Act.
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