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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 ...
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]
In the retail industry, sweethearting is a form of theft by employees at the cash register, where they give away merchandise to a "sweetheart" customer (such as a friend, family member or fellow employee). Cashiers are able to do this in numerous ways, including: [1] Scan avoidance; Price overrides; Refund fraud, gift card fraud; Void fraud ...
The scale of merchandise theft, Kubrin added, is sometimes overblown by a retail industry happy to pin its problems, which include market forces such as inflation and a shift to online shopping ...
Inventory shrinkage — mostly the theft of merchandise — is expected to cut Target's profits by $500 million this year. In 2022, Target's profits took a $700 million hit from inventory shrinkage.
A security guard, right, stands at the entrance to a Nordstrom department store at the Grove mall in Los Angeles, Thursday, Dec. 2, 2021, where a recent smash-and-grab robbery took place.
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% ...
Preventing retail theft before it happens — it sounds like a fairy tale, but artificial intelligence could make it a reality. Videos and images of organized "smash-and-grabs" at stores and malls ...