Across the retail landscape, businesses have been putting items under lock and key as a quick way to stop thieves.
Pharmaceutical items are kept locked in a glass cabinet at a Gristedes supermarket, Tuesday Jan. 31, 2023, in New York. Increasingly, retailers are locking up more products or increasing the number of security guards at their stores to curtail theft.
Some are considering extreme measures, including Rite Aid Corp., whose chief retail officer Andre Persaud told analysts on an earnings call late last year that it’s looking at “literally putting everything behind showcases to ensure the products are there for customers who want to buy it.” It’s also considering using off-duty police officers at some of its stores.But by trying to solve one problem, these businesses may be creating another: turning off shoppers with overreaching measures.
CVS Health Corp. and Sephora declined to comment for the story. Walmart said that its position of not locking up beauty products for women of color remains the same. Target confirmed it was locking up more products but instead of targeting certain items, it locks up entire categories. But while high theft in stores depletes inventory and limits sales, locking up items also reduces sales — by 15% to 25%, according to Joe Budano, CEO of Indyme, a technology company that sells retailers security devices.
In what could be a sign of the overall challenges, drugstore chain Walgreens acknowledged that it might have overblown the shoplifting threat and gone too far in its security measures. Some retailers are coming out with less intrusive solutions to store theft. Home improvement retailer Lowe’s has followed Home Depot in testing technology that unlocks power tools when shoppers buy them at the cash registers instead of resorting to keeping the items in cages.
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