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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

12 months 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.

Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success

After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone. Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently. The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.