Retail Shrink Totaled Nearly $62 Billion In 2019

Retail shrink in 2019 reached $61.7 billion, up from $50.6 billion in 2018, according to the “National Retail Security Survey” by the National Retail Federation (NRF). Seven in 10 survey respondents reported a shrink rate of more than 1%. Per the report, 29% of respondents indicated that e-commerce crime was a risk or threat that has become much more of a priority during the past five years, followed by organized retail crime (27.5%) and cyber-related incidents including data breaches (27.5%). The report also found that over 52% of respondents are allocating technology resources to address risks this year, down from nearly 56% from the year before. Staff resource allocation is also down to 26% in 2020 from nearly 29% in 2019. Read more at Retail Dive.