Retailers Struggle With Mounting Losses Due to Theft

At the beginning of the month New York Gov. Kathy Hochul introduced a $40 million package aimed at combating the rising retail theft across the state. It included retail-focused anti-theft teams for police and legislation proposals that increase penalties for anyone who assaults retail workers, as well as a $5 million tax credit to help small business owners invest in security for their shops.

Retail theft, particularly organized theft, has become a mounting problem for store owners and one that is increasingly dictating the question of whether a particular location should remain open.  Officials are starting to take note and put in place measures to help stem the tide. And what a tide it is: according to the National Retail Federation’s most recent Retail Security Survey,  $112.1 billion was lost in 2022 to retail theft, up from 2021’s $93.9 billion.