The Biggest News in Loss Prevention: February 25 – March 3

We know that your week can get busy, and the time you have to catch up on the news from around the retail loss prevention industry is often stolen away by other things. That’s why the LPM team sifts through headlines from all over the country to bring only the most relevant LP news to you here, in our special weekly news round-up—the perfect bookend to a productive week.

Here’s What You May Have Missed

Target CFO Says Theft Contributed to Hundreds of Millions in Lost Profits
Target CFO Michael Fiddelke said in an interview last week that retail theft, including ORC, has cost the retailer “hundreds of millions of dollars” in profits. CFOs at other retailers such as Walmart have made similar claims.

NYPD’s Latest Guidance Puts Shop Owners in a Tight Spot
New York City shop owners are finding themselves in a tough conundrum as the NYPD look for ways to crack down on crime. Their latest guidance to make all customers show their faces when entering a store could put retailers in more danger.

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New Law Could Slow Self-Checkout Growth
Rhode Island State Representative Megan Cotter (D) has introduced a bill that would limit self-checkout use in grocery stores. The bill would restrict retailers to eight self-checkout kiosks, and would make grocers give customers a 10 percent discount when using self-checkout for more than 10 items.

Recent Thefts Cause Concern for Independent Jewelry Stores
A spate of robberies in independent New York City jewelry stores in recent months has some owners on edge as they try to safeguard their employees and businesses. One robbery on Feb. 23 led to the hospitalization of a 79-year-old female.

Oakland Police Watch as Robbers Escape with $100K in Merchandise
Questions are being raised after Oakland police officers observed robbery suspects escape but did not pursue them. The group broke into a jewelry store and stole hundreds of thousands of dollars worth of merchandise.

Record Retail Theft Puts Pressure on Australian Supermarket Giants
Retail theft has hit record levels in Australia, government statistics show, putting pressure on grocery giants Woolworths and Coles, which are already struggling with soaring supply costs and freight blockages.

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