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More than a dozen suspects are facing charges in connection with a retail theft ring in South Florida that racked up more than $20 million in losses this year alone, Miami-Dade officials said ...
In the retail industry, the word shrinkage (or shrink) is used to refer to merchandise often lost by shoplifting. The term five-finger discount is an euphemism for shoplifting, humorously referencing stolen items taken "at no cost" with the five fingers. The first documented shoplifting started to take place in 16th century London. By the early ...
However, the National Retail Federation (NRF) said that same month that the effect of theft on retailers’ bottom lines was about the same as in previous years, with total retail shrinkage at $112 billion in 2022 (1.55% of sales), up from $93.9 billion (1.44% of sales) in 2021. External theft, including organized retail crime, represented 36% ...
“Florida is a law-and-order state, and we are dismantling organized retail theft rings,” Moody said in a press release. “Now, this group faces our statewide prosecutors and time in prison ...
Return fraud is the act of defrauding a retail store by means of the return process.There are various ways in which this crime is committed. For example, the offender may return stolen merchandise to secure cash, steal receipts or receipt tape to enable a falsified return, or use somebody else's receipt to try to return an item picked up from a store shelf.
The true severity and scope of the problem remain an enduring mystery of the free market, as national chains eagerly point to retail theft as a key drag on profits, but are reticent to publicly ...
Retail loss prevention (also known as retail asset protection) is a set of practices employed by retail companies to preserve profit. [1] Loss prevention is mainly found within the retail sector but also can be found within other business environments. Retail loss prevention is geared towards the elimination of preventable loss. [2]
Retail theft losses ballooned to $112.1 billion in 2022, up 19% from $93.9 billion the year before, according to the 2023 National Retail Security Survey, ... Florida’s new anti-theft bill (HB ...