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New Report Reveals How Deeply Retailers Are Affected by Theft

Theft was the top concern for 70 percent of brick-and-mortar retailers.

Published

4 weeks ago

April 18, 2024

INSTORE Staff

New Report Reveals How Deeply Retailers Are Affected by Theft

PHOTO: ISTOCKPHOTO

The National Retail Federation reported last December that 85 percent of small businesses said they experienced retail theft at least once a year and that nearly 80 percent of retailers reported that organized retail theft was a higher concern in 2023 than in 2022. Now, a new report by marketing agency NP Digital reveals how deeply retailers across the board are affected by retail theft.

The report found that 70 percent of retailers surveyed said retail theft is a major concern for them in 2024 and have a plan against it; of those retailers, 20 percent were clothing stores and 19 percent were superstores. Only 10 percent of retailers expressed no concern at all.

Identity fraud is on the rise as well, affecting customers so much that they turn away from certain retail brands. A recent survey found that consumers tend to avoid certain retailers and close accounts with those retailers after experiencing identity theft. In addition, a study by Michigan State University found that 70 percent of consumers have been deceived by counterfeit items.

She Wanted to Spend More Time with Her Kids. She Called Wilkerson.

Your children are precious. More precious than gold? Absolutely! Just ask Lesley Ann Davis, owner of Lesley Ann Jewels, an independent jewelry store that — until the end of 2023 — had quite a following in Houston, Texas. To spend more time with her four sons, all in high school, she decided to close her store. Luckily, she was familiar with Wilkerson and called them as soon as she knew she wanted to move on to bigger, better and more family-focused things. Was she happy with her decision? Yes, she was. Says Davis, “Any owner looking to make that life change, looking to retire, looking to close, looking for a pause in their career, I would recommend Wilkerson. Hands down!”