All three companies are trying some pretty bold ways to cut down on theft to avoid having to close stores.
Seemingly every retailer has talked about theft as a growing problem. You can blame some of the issue on lower staffing levels and automated check-out leading to an increase in both intentional and unintentional shoplifting.
In theory, the mere presence of police officers should serve as a deterrent to criminals. That's a similar strategy to an idea CVS has been trying in New York. The company has not added a police station to any of its stores, but it has added a type of law enforcement.CVS executives have been talking about how online marketplaces increase in-store theft for the past few years. Essentially, they believe that digital retailers provide a market to sell stolen items.
"This year’s study found that the average shrink rate in FY 2022 increased to 1.6%, up from 1.4% in FY 2021. When taken as a percentage of total retail sales in 2022, that shrink represents $112.1 billion in losses," the trade association shared. "Security guards with dogs are currently stationed outside the CVS on 34th and 8th, among other locations. While the dogs are obviously unable to detect shoplifting behavior, 34th Street Partnership Vice President Ken Ward said their presence outside stores intimidates would-be thieves," the
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