Retailers level up and embrace advanced video surveillance.
Whether inspired by Sisqó’s greatest hit (“Thong Song”) or the hype about the Dream Angels Demi, Phoenix-based skivvy snatchers stole $14,000 worth of unmentionables from Victoria’s Secret stores over six months.
When a police officer asked what happened to the spoils of her lingerie lift, one of the suspects said that she sold them. It’s fairly likely the thief did not have an earworm of Macklemore’s “Thrift Store” stuck on repeat when finding potential buyers.
Unfortunately, this is far from an isolated incident. From thieves grabbing a $2000 stash of Stanley cups north of Cincinnati, Ohio, to two women taking armfuls of scintillating scents from Bath and Body Works in Kansas City, Missouri, retailers are taking stock of their loss prevention methods.
Retailers are rightfully concerned about reducing theft in their stores and self-checkout may be on its way out.
“While 95.9% of consumers have used self-checkout machines, statistics show theft increases by up to 65% at self-checkout compared to a traditional checker,” according to statistics published by Capital One. “Fifteen percent of consumers admit to using self-checkout to steal; 44% of them plan to re-offend," the report further reveals.
Video camera surveillance security solutions are gaining traction, with more than half (54%) of small-to-medium businesses have installed or updated security cameras in the past year, according to a report by Software Advice.
While surveillance camera footage helps to apprehend shoplifters and those five-finger discounters who work for organized retail crime syndicates, loss prevention leaders strive to thwart theft before it happens. Psychology and loss prevention research both prove surveillance cameras deliver on that remit.
Asset protection leaders deploy surveillance cameras using the psychological study of deterrence theory. The working hypothesis is that people rationally weigh the costs and benefits of their actions before deciding to either commit a crime or not. The theory bears out that the threat of punishment is the cost, reducing the crime’s benefits and ultimately preventing a bad actor from committing the crime in the first place.
In November 2023, the Council on Criminal Justice Crime Trends Working Group released a report on shoplifting trends that explored local retail-theft data in 24 U.S. cities. John Hall, a National Institute of Justice Law Enforcement Advancing Data & Science Scholar and Metropolitan Transit Authority police department officer dug into that data for the Manhattan Institute and revealed two important findings for retailers.
The first is in regard to retail security tech and building collaborative partnerships with law enforcement.
“Many retail chains are well-equipped to strengthen investigations, especially with investments in technology such as facial recognition and advanced video surveillance,” Hall wrote in his “Deciphering Retail Theft Data” analysis. “Improvements in video quality provide an opportunity for police to link individuals across incidents, identify patterns, and identify repeat offenders. However, without sufficient investigative effort, the opportunity to take advantage of this new technology is being lost.”
Though half of retailers now report using descriptive insights from analytics systems to understand their losses, few leverage the next-gen technologies that are now available. Just 12% of retailers say they leverage predictive analytics, and even fewer (7%) incorporate prescriptive insights into loss prevention strategies.
According to the former New York City Police Department officer, knowledge is power. Retailers that deploy security cameras and share information with each other‚ in partnership with law enforcement will reduce crime and deliver results.
“Harnessing the expertise of loss-prevention teams from leading retail chains can also enhance investigative efforts,” Hall wrote.
Retailers who installed LVT Units to combat ORC reduced high-risk crimes by 62% and decreased grab-and-go-thefts by 69%, discovering results almost immediately.
A store’s paved perimeter is one of the only areas where high-impact, low-friction solutions do not impede the customer experience. Rather than relying heavily on older technologies like EAS, employing more security guards, or backing proprietary innovations, employing top-notch video camera surveillance measures should serve as the foundation of a collaborative retailer-law enforcement asset protection strategy.
LiveView Technologies provides proof.
The Access Task Force, a collaboration between retail partners, local law enforcement, and LVT, worked to reduce crime and theft in Paducah, Kentucky, and Opelika, Alabama. The 2022 study was conducted by The Loss Prevention Research Council and the trial included popular large retailers, from home improvement and auto aftermarket stores to grocery, pharmacy, and clothing stores.
Both cities experienced a year-over-year increase in crime and sat in the 90th percentile for property crime. These stats set the stage to test a cost-effective video surveillance solution.
“We needed a security system which could be deployed quickly, and placed in exact locations without the concern of power or internet,” LPRC said Corey Lowe, Research Scientist at the. “The LVT Units fulfilled this need.”
Over the course of the one-year study, LVT Units, backed by the LVT Platform and AI-powered analytics capabilities, delivered impressive results for both municipalities’ retailers and law enforcement officials. In Opelika, Alabama, participants discovered:
More than 350 miles north, residents in Paducah, Kentucky, also experienced exponential safety gains when city leaders deployed LVT Units, including:
From strategic camera placement to AI-powered security analytics and rapid third-party response teams, our customers trust LVT to deter would-be criminals, defend their stores, and help law enforcement investigate and prosecute crimes.
“Crooks seek the path of least resistance which is why an ounce of prevention is truly worth a pound of the cure,” said retired asset protection leader Mike Lamb about LVT. “The bad guys see it, get it, and ultimately fear it.”
Are you ready to learn more? Contact our team today for a demo.
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