Retail crime accounted for $112.1 billion in industry losses in the US last year, according to a report by the National Retail Federation (NRF).
The figure is up a massive 19.4% from $93.9 billion in 2021, according to the 2023 National Retail Security Survey released Tuesday.
"Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire," NRF Vice President for Asset Protection and Retail Operations David Johnston said in a statement.
"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," he added.
While internal and external theft accounted for 65% of retailers’ shrink, 67% of respondents in the survey said they were seeing even more violence and aggression from organized retail crime perpetrators compared with a year ago, according to the NRF.
As a result, 28% of retailers reported being forced to close a specific store location, while 45% reduced operating hours and 30% altered in-store product selection as a result of retail crime.
Target, a major retailer in the US, announced Tuesday it is closing nine stores in major cities in four states, due to store theft and organized retail crime, effective Oct. 21.
"We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance," said the company, AA reports.
