Retail Theft Costs U.S. Households $403 Per Year By Lohra Miller, Turning Point Justice CEO
This year’s Global Retail Theft Barometer study has just been published, and the results are not good news for retailers, shoppers and their communities.
The study reported that shoplifting was the highest cause of losses in most countries surveyed. Worldwide, shrinkage cost retailers $128 billion dollars over the past year, an amount that averages 1.29% of retail sales, which ultimately costs U.S. consumers $403 per household. At a time when budgets are tight across the nation, that cost is unacceptable for our families and communities.
A Proven Solution to Shoplifting
Clearly, shoplifting is a global problem that hurts economies as well as family and community values. When petty offenders get away with retail theft, the lack of consequences opens the door to recidivism and makes other crimes seem less serious. We’re focused on fixing this problem for American retailers and communities.
Turning Point Justice teams up with the National Association for Shoplifting Prevention to offer the Crime Accountability Program to help retailers and communities stand up to shoplifting. By resolving more first time, petty crimes outside the criminal justice system, CAP saves police and prosecutor resources while increasing restitution and reducing petty shoplifter recidivism through offense-specific education managed by NASP.
The Crime Accountability Program delivers proven results. CAP helps retailers more than double restitution collections to repair financial damages while reducing police calls for support at stores by up to 50%. By reducing the need for law enforcement support for petty theft incidents, police have more time to spend on investigating more serious crimes, including Organized Retail Crime.
As we continue to grow adoption of the Crime Accountability Program among innovative retailers, in future years of the Global Retail Theft Barometer study, we hope to see the cost shoplifting taxes upon U.S. households reduced significantly.