Addressing the rising tide of retail theft

Retail theft, also known as "shrink," includes losses from stolen, damaged, or wasted inventory, and has historically been a challenge for retailers. The impact on profitability has worsened with a sharp uptick in shoplifting, coinciding with the cost-of-living crisis and predating the COVID-19 pandemic. Consequently, retailers are now facing a 33% surge in losses across all categories, with theft rates at a 20-year high.