Essay Costs and Prevention of Retail Theft

Costs and Prevention of Retail Theft

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Business
Costs, types, prevention & security steps, technology, theft by customers, employees & others.

Retail theft (also called shrinkage) represents a significant threat to companies. Although individuals have been stealing from merchants probably for as long as there have been merchants and customers, recent technological innovations have required that thieves become more sophisticated in many cases. In other instances, thieves have resorted to notoriously low technology approaches to stealing. While most individuals think of shoplifters as the most common type of retail thief, theft by employees is actually more common and more expensive, and theft by vendors also takes place. This research considers the importance of controlling retail theft and how companies can take steps to combat the three types of retail thieves in the marketplace.

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