Theft prevention in retail is something at the forefront of many business owners’ minds. Profits for any business are a priority, and theft comes under the bracket of frustrating losses that are not the fault of any employee or the wider business.
With this in mind, how can you minimise retail theft in your shop?
What is Retail Theft?
Retail theft, also known as shoplifting, refers to intentionally taking items or merchandise from a shop without paying for them. This covers all forms of theft, including concealing items on your person, altering price tags, swapping packaging, and more.
Retail theft causes financial losses for businesses and contributes to increased prices for consumers, impacting the overall security and integrity of the retail environment.
How to Prevent Retail Theft
Employee Training
First and foremost, employees should be trained on what to do in the event of a retail theft. This should include how to recognise suspicious behaviour, such as loitering, excessive browsing without making a purchase, or attempts to conceal items.
Greeting and engaging with customers can deter them from trying to steal as they’re more likely to believe they’ve been spotted in advance, and that they would be recognised by the staff.
You should establish protocols for dealing with suspected shoplifters, including how to confront them when necessary while remaining within the law. You should always discourage employees from chasing after a shoplifter if they do decide to run, and from engaging with a shoplifter if the situation seems like it might become dangerous.
Optimise Your Store Layout
Keep high-value items within sight of sales staff, CCTV cameras, and behind additional locks where necessary. Additionally, maximise the visibility of your store with the layout of stands and shelving.
The best places to put security cameras are in the blind spots of your store. If you’re running a homeware store, for example, mirror sections are particularly susceptible to theft.
Enhance Inventory Management
Using appropriate asset tagging and stock organisation procedures can help you easily identify if and what goods have been stolen. Implement regular inventory audits and analyse inventory data to identify patterns of theft, and adjust your security measures accordingly.
For example, is one particular item being stolen more often than anything else? If so, you should reconsider where and how this item is displayed.
Implement Security Measures
One of the most effective ways to deter theft is to put plenty of security measures in place, like CCTV cameras. Using CCTV in retail in obvious places is often enough to put off potential thieves, but high-resolution cameras can help you identify thieves and suspicious behaviour in your store.
CCTV cameras must also always come with clear, legible CCTV signage. At Label Source, we supply yellow CCTV signs that you can pair with your cameras. Even if potential thieves don’t see the cameras, the signage alone is often enough to make them reconsider.
How to Prevent Internal Theft
One of the most common kinds of retail theft is internal. In fact, almost two thirds of businesses have been victims of it. There’s a general ’10-80-10’ understanding of internal theft:
- 10% of employees will never commit a crime against their employer.
- 80% of employees may commit a crime against their employer based on opportunity, circumstance, or pressure.
- 10% of employees will actively seek out a way in which they can steal from their employer.
To deter your employees from committing internal theft, make the workplace environment as welcoming and inclusive as possible. If employees feel positively towards their employer and workplace, they’ll be less inclined to steal from them.
Tune in to employee behaviour, keep track of stock, and have at least two people count the cash in your registers together at the beginning and end of each shift.
Keep Your Business Safe with Label Source
By implementing a comprehensive array of security measures, retailers can create a secure shopping environment that deters theft, protects merchandise, and promotes a sense of safety and trust among customers and staff alike.
At Label Source, we supply a range of site security and housekeeping signs that can help you keep your business safe. Start browsing the collection today, or get in touch to find out more about how we can help you.
