Stone Security Guard Services prevents and deters employee theft while providing security for retail stores, securing loss prevention and shrinkage.
Stone Security Retail and Mall Security reduces the percentage of loss of products. Manufacture and point of sale is referred to as shrinkage or sometimes called shrink. Shrinkage costs U.S. retailers over $31 billion in 2008 according to the National Retail Security Survey on retail theft. Following are the four major sources of inventory shrinkage in retail:
According to the National Retail Security Survey, the number one source of shrinkage for retail business is internal theft. Some of the types of employee theft include discount abuse; refund abuse and even credit card abuse. Unfortunately, this is one loss prevention area that generally doesn’t receive as much monitoring as customer theft.
Coming in at a close second is shoplifting. Customer theft occurs through concealment, altering or swapping price tags, or transfer from one container to another. While shoplifting remains a smaller inventory loss source than employee theft, stealing by shoppers still costs retailers about $10 billion annually.
Administrative and paperwork errors makeup approximately 15% of shrinkage. Simple pricing mistakes due to markups or markdowns can cost retailers quite a bit.
The smallest percentage of shrink is vendor fraud. Retailers report vendor fraud occurs most when outside vendors stock inventory within the store.
We can provide your store with security guards or off duty law enforcement personnel.
Please contact us to speak to our loss prevention experts.