On February 1st, the North Carolina state Economic Investment Committee voted to award a Job Development Investment Grant (JDIG) to InVue Security Products. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant.
InVue was represented September 11-13 at the 28th edition of the Equipmag Expo in Paris, France. Nearly 500 exhibitors represented companies from all over the world and more than 20,000 visitors were there to take in the sights. Revealing new secure display products that revolutionize security for handheld displays, InVue’s 34 sq. meter booth was crawling with attendees.
After decades of lost sales, annoyed consumers and frustrated sales associates, the ubiquitous, stubbornly-old-fashioned display case lock has finally met its match with the introduction of InVue’s Cabinet Lock and new IR2 Key featuring PowerTouch technology.
Retail theft saw a slight decrease in 2011. However, the problem is still a big one. Shrinkage accounted for $34.5 billion in losses, which is 1.41% of retail sales, this number is down from 1.49% ($37.1 billion) in 2010.
According to the preliminary survey findings, the majority of retail shrinkage last year was due to employee theft, accounting for 43.9 percent of total losses. Shoplifting accounted for approximately 35.7 percent of total losses, up from 32 percent last year. Other losses included administrative error (12.1% of shrinkage) and vendor fraud (5.0% of shrinkage). Retailers said that the cause of the remaining shrinkage was unknown.
According to a survey conducted by the British-based Centre for Retail Research, retail shrinkage has cost retailers $174 million in the 11 months from July 2010 to June 2011. 53% can be attributed to customer theft, while 24.2% is blamed on employees. 15.4% of shrinkage was caused by internal error.
So what is to blame? Well, according to retail experts, retailer neglect and a lack of staff training are to blame. The article states that increased competition may be causing retailers to focus on store traffic and neglect the security of their goods.
According to the recently released Global Retail Theft Barometer study, shoplifting, employee or supplier fraud, organized retail crime and administrative errors cost the retail industry $119 billion in 2011, or 1.45% of sales. This global shrink rate is 6.6% higher than the previous year and represents the highest percentage recorded by the study since it began in 2007.
The study, conducted by the Centre for Retail Research, monitored the cost of shrink in the global retail industry between July 2010 and June 2011 and found that shrink increased in all regions surveyed. Customer theft, including shoplifting and organized retail crime, rose 13.4% and cost retailers $51.5 billion or 43.2% of shrink.
The Global Retail Theft Barometer study conducts surveys of shrink and related factors in Europe, Asia, North America and Latin America. For more detailed results, visit the Centre for Retail Research.