Consumer Behavior
Retail crime cost over $112B in 2022
October 4, 2023
Merchandise shrink due to retail crime racked up $112.1 billion in losses for retailers, according to the National Retail Federation.
It's a bit of a spike from $93.9 billion in 2021, according to a NRF press release.
The $112.1 billion figures reflects financial losses associated with theft, according to NRF's 2023 National Retail Security Survey released last week.
"Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire," David Johnston, VP for asset protection and retail operations at NRF, said in the release. "Far beyond the financial impact of these crimes, the violence and concerns over safety continue to be the priority for all retailers, regardless of size or category."
Retailers reported that organized retail crime remains a significant concern due to heightened levels of violence. More than two-thirds (67%) of respondents were seeing even more violence and aggression from ORC perpetrators compared with a year ago.
Retailers reported being forced to close a specific store location (28%), reduce operating hours (45%) or reduce or alter in-store product selection (30%) as a direct result of retail crime.
The top five cities/metropolitan areas affected by ORC in the past year were Los Angeles, San Francisco/Oakland, Houston, New York and Seattle.
