Best Buy’s simple strategy for beating shoplifting in stores
Best Buy’s simple strategy for beating shoplifting inand industry groups say shoplifting is at crisis-level proportions some stores to close.
According to Corie Barry, CEO of the electronics retailer with nearly 1,000 stores, shoplifting is prevented through staffing levels in stores, full-service cashier lanes, and security guards at doorways.
There is a real problem with theft and organized crime in certain parts of the country in particular. On a call with reporters, Barry said, “We have not pointed out material impacts to our business as a result of shrinking for at least the last two years.”
In comparison to CVS, Best Buy has some inherent advantages because flat-screen TVs are heavier and harder to steal than razor blades. The National Retail Federation reports that electronics remain some of the most commonly stolen items in retail.
According to retailers, shrink has increased 19% to $112 billion in 2022, nearly doubling from pre-pandemic levels. They attribute the rise in shrink to shoplifting and organized groups that steal merchandise from stores to resell online. Other factors that contribute to shrinkage include employee theft, damaged products, administrative errors, and online fraud.
According to analysts, Best Buy has survived shrink and competition from Amazon by providing strong customer service to would-be electronics buyers, which requires well-trained and well-staffed stores. Crime prevention experts recommend that more retailers implement these practices to prevent shoplifting.
To save money and boost profit margins, many retail chains have reduced staff levels in stores, automated services, and shifted more responsibility to customers. According to John Eck, a criminologist at the University of Cincinnati, thinly staffed stores and more self-checkout lanes increase risks.