Retail theft is a growing issue for small business owners, both for large retailers and mom-and-pop stores. Whether it's shoplifting, employee theft, or organized retail crime, merchandise losses eat directly into a company's profits and make it harder to stay afloat.

The good news is that if you're a retail owner, there are smart, affordable ways to reduce theft, beef up your security, and create a safer retail environment for your customers and employees.

In today's Aegis blog, learn how to protect your retail store from losses and keep your inventory either on the shelf or in the hands of paying customers. Also, discover how partnering with Aegis Insurance & Financial Services for your Commercial Insurance needs can help secure your business even more.

1. Upgrade Store Security Measures

Improving the security at your retail business doesn't mean locking away every piece of merchandise or equipment, but smart upgrades now can save your business from devastating losses later. If theft is a concern at your retail business, consider these security investments.

Install Security Cameras

• Place them at entrances, exits, registers, and high-risk areas like fitting rooms or back storage.
• Choose security systems that come with cloud storage for video footage and real-time monitoring.
• Display signage to let customers know they're being recorded, since this alone can help deter thieves.

Use Doorway Security Systems

• Add electronic article surveillance (EAS) systems and security tags on high-value items thieves often shoplift, like luxury clothes, accessories, cosmetics, jewelry, or shoes.
• Install door chimes or buzzers to alert staff when someone enters or exits.

Lock Up High-Value Items

• Use locked display cases for expensive or commonly stolen items like jewelry, electronics, fragrances, and handbags.
• Keep limited stock on the floor and store excess inventory in a secure back room.

Improve Lighting and Visibility

• Keep your store well-lit and organized.
• Avoid creating blind spots where theft can go unnoticed.
• Place mirrors in corners or around shelving units for better visibility.

All of these upgrades and security measures can go a long way in making your retail store a less desirable target for shoplifters or organized theft rings.

2. Train Your Employees to Spot Suspicious Behavior

Your team of cashiers, salespeople, and other associates should be your first line of defense to prevent theft in your store. Workers should be well-trained on different areas of security, including:

Theft Awareness Training

• Teach your employees how to quickly identify common shoplifting tactics such as distractions, concealment, or frequent returns.
• Encourage workers to greet every customer, since having a direct interaction can discourage potential thieves. A criminal is more likely to be positively identified if they spoke with a salesperson or cashier.

Create a Security Protocol

• Train employees on what to do if they suspect a theft or encounter suspicious behavior. They should be safe and protect other customers but quickly contact the authorities.
• Establish straightforward procedures for cash handling, voids, and returns to reduce internal theft.
• Always have managers ready to assist with security issues or customer escalations. This helps reduce the possibility of customer or employee injuries.

Build a Culture of Accountability

• Use a buddy system during your store's opening and closing.
• Randomly audit inventory and POS transactions to identify possible employee theft.
• Let employees know that there are systems in place to track merchandise movement.

When your retail business has well-trained staff and management, your company is far less likely to regularly suffer losses or be targeted by crime rings.

3. Monitor and Analyze Theft Trends

One of the ways retailers can minimize losses is to keep detailed records of theft incidents and inventory discrepancies. Having this data can help identify:

• Which merchandise is most frequently targeted or stolen
• The days and times when criminals most often appear at your business
• If employee theft might be an issue

This information is crucial for adjusting how merchandise is stored or displayed, how you should staff your store during high-risk hours, or what further security steps are needed.

Why You Should Invest in Theft Prevention

Some business owners may hesitate to spend money on security upgrades, but here are some reasons why the investment is well worth it:

• Security cameras and enhanced door locks pay for themselves after preventing just a few incidents.
• Stopping store theft improves your profit margins without having to increase prices.
• A safer environment protects your valuable staff and customers, while reducing liability risks.
• Your Commercial Insurance premiums may decrease when you implement verified loss prevention measures.

The experienced Commercial Agents at Aegis Insurance & Financial Services can guide you on the best security measures for your retail business, and help you craft a Business Insurance portfolio that protects your business from all types of covered events, including theft.

Don't Let Theft Hurt Your Growth

Retail theft is both annoying and expensive. But with the right tools, training, and strategies in place, you can have a retail business that's secure and safe.

If you're not sure whether your current insurance policy covers theft-related losses, or how to strengthen your store's risk protection, give us a call.

Reach out to Aegis Insurance & Financial Services today at 713-850-7622 to speak with a Commercial Agent or schedule a consultation. We'll help you protect your people, your inventory, and your business's future.