While theft in retail continues to make headlines today, many don’t realize the worst moment came during the COVID-19 pandemic.
Why 2020 Was the Perfect Storm
In 2020, retail environments were hit with a triple threat:
- Staffing shortages meant self-checkout areas went unmonitored
- Mask mandates made identification difficult
- Security protocols were disrupted or deprioritized
The result? A surge in shoplifting across the country.
According to industry data, the average shoplifting incident in 2020 cost $460, nearly double the amount in 2019.
Five Years Later, Where Do We Stand?
Retailers are still reporting elevated levels of shrink and inconsistent enforcement of theft protocols.
Many have returned to basic staffing levels, but remain vulnerable due to outdated systems or unclear procedures.
The Path Forward: Smarter, Integrated Security
Companies like Panoptyc are stepping in with modern, AI-powered security platforms that close the loop on loss prevention.
These systems:
- Detect incidents
- Prompt clear staff responses
- Confirm outcomes and measure ROI
This shift from passive surveillance to active prevention is key to reversing the lingering effects of the 2020 theft surge.
What Retailers Need to Recover
To restore confidence and reduce shrink, retailers must:
- Reevaluate old security technologies
- Train staff on integrated tools and workflows
- Measure effectiveness at the transaction level
Panoptyc’s approach combines all three, helping retailers recover revenue and reestablish safety.