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Retailers have talked a lot about their losses for the past years. They blame that it may be because of theft, fraud, or employee error. However, the results of the Retail industry report on Tuesday found the metric rose only modestly last year.
Retail Industry Report
In a report by Market Watch, the Retail Industry report by the National Retail Federation, a retail industry group that the average decrease rate in 2022 crept higher from to 1.6% from 1.4% in the previous year. The figure is the same as in the years 2020 and 2019.
The Retail Industry report also said that there were billions of dollars of losses, $112.1 billion, up from $93.9 billion in 2021. The retail industry report also said that the retailers were increasingly concerned about the violence of those crimes.
In a report by Morningstar, the NRF together with the Loss Prevention Research Council, a research group created by the nation’s biggest retailers, surveyed the people in loss-prevention and asset protection about the Retail industry report. In the report, there were responses or information coming from 177 retail brands. The survey was distributed in May, June, and July.
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In the retail industry report said that it would close nine stores across the four states next month because of theft and danger to employees.
In response to what executives have described as an increase in organized retail theft or theft with the intention of reselling the products, the chain joins other retailers in raising the alarm about retail theft and closing outlets. However, the opinions of executives on earnings calls have varied a little bit, and retailers are coping with other problems that have hurt their bottom lines, such as the effects of inflation.
The retail industry report that two-thirds of the retailers that were surveyed by the NRF claimed that they see even more violence and aggression from organized retail theft compared with a year ago. The retail industry report also said that twenty-eight percent said that they were forced to close a specific store location, while 45% said that they cut operating hours, and 30% reduced or changed an in-store product selection as a result of retail crime. This was based on the retail industry report.
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