ASIS Releases GSX 2024 Keynote Speakers & Education Program Lineup

ASIS International announced its programming lineup for Global Security Exchange (GSX) 2024 with in-person and digital experiences to be held September 23-25 at the Orange County Convention Center in Orlando, Fla., and via an online event platform.

GSX will offer general session presentations from acclaimed global keynote speakers.

Click here to see this year's general session lineup
 

Rising Crime Fuels Interest in Video Tech Solutions
SDM 100: Mostly Strong, With A Focus on Video

The top SDM 100 companies reported that the market in 2023 — whether they deemed it average or excellent — was largely defined by a few key factors: inflation, an emphasis on video technology advancements and the continuing workforce shortage.

Looking at this year’s SDM 100 report you might be tempted to think that the majority of the top 100 security dealers had a fantastic, boom year in 2023. And as an aggregate, they did. Numbers were up across the board, with total RMR increasing 7 percentage points over last year, to $714 million, the highest number since 2016. Total annual revenue increased 8 percentage points to its second highest amount in a decade, also behind 2016. Residential and non-residential sales revenues increased by 33 and 10 percentage points, respectively. Profits were also up by 6 percentage points. Even total annual subscribers, which had been slowly declining over the past several years, bumped up by 2 percentage points.

For many of the companies on the 2024 SDM 100, 2023 was a mixed year of both challenges and opportunities; some roadblocks easing and others coming to take their place. Inflation, high interest rates, and labor shortages were tough obstacles, but they were helped by a increasing level of interest in security technologies — particularly video — rising crime that motivated customers to buy these technologies, and the staving off of the predicted recession.  sdmmag.com

Target's Crime-Fighting Forensics Team More Sophisticated Than PDs
Organized Retail Crime and Using Technology as a Solution
Nothing is more pervasive for major retailers than organized retail crime. Organized retail crime rings are responsible for financial losses of $112.1 billion to retailers, according to Daphne Howland of Retail Dive. Retailers commonly refer to these financial losses as “shrinkage.”

Using Artificial Intelligence to Combat Organized Retail Crime

Artificial intelligence (AI) can be an efficient tool against organized retail crime. For example, tech companies can utilize AI to go onto the dark web to locate and document sellers of stolen merchandise. Law enforcement should utilize private AI companies that have this capability to aid in their investigations.

Utilizing other technologies such as biometrics can also be useful. For instance, retailers should utilize biometric technology to share information on criminals participating in organized retail crime striking stores around the country. A database could be created with the biometric information of known criminals, and that database could be shared among major retailers.

How Target Uses Technology to Solve Crimes

Retailers such as Target® have sophisticated loss prevention systems and have forensic capabilities to aid in combating organized retail theft. According to Target, Target’s forensics team in Minnesota and Las Vegas uses more advanced and more high-tech technology than the forensics labs of many police departments.

Target’s forensic lab analyzes surveillance footage from within and around their stores and identifies shoplifting, fraud, and injuries that occur in the stores. The lab has been used to solve many organized retail crimes.

Retailers and Law Enforcement Agencies Need to Work Together

Ideally, retailers and law enforcement agencies should work closely together to share information about organized retail crimes and the people who commit these crimes. In addition to RICO, state statutes should provide prosecutors with effective tools to hold organized retail criminals accountable for their actions. amuedge.com


The Best Anti-Theft Solutions Aren't Always the Highest Tech
Retailers don’t need to invest in big tech for loss prevention, says Harrison
According to the British Retail Consortium, retail theft continues to surge, with retailers losing £1.8 billion across 16.7 million incidents in 2023, rising from £950 million and just under 8 million incidents the year before. Despite retailers implementing security enhancements, such as extra guards, body cams and dummy products, the issue of stolen goods continues to plague the retail industry.

A common misconception is that the most effective way to resolve this issue is investing in expensive security systems, however, small loss-prevention retail solutions are arguably equally effective in deterring criminals and making theft more challenging. Retailers do not need to splash the cash on big tech to protect their stores when affordable loss-prevention solutions are available.

Daryl Bedford, Sales Director at Harrison Retail, said, “In-store retailers can put shelving solutions in place to ensure potential criminals can only pick up a single product at a time. High-shelf facings are simply installed, making it impossible for customers to snatch multiple products. This simple solution saves retailers thousands and deters criminals from targeting the same store.

“When products are locked in place, they are less likely to be targeted,” Bedford added. “Anti-theft security tethers act as customisable, retractable, and adaptable in-store solutions. Metal tethers allow retailers to secure a wide range of products, maintain a visually appealing display, and deter potential thieves effectively. Retail solutions, such as robust and durable security tethers, protect high-value goods and create a safer, more inviting shopping environment.

“Further still, products hanging on merchandise display hooks are an easy target for criminals. Retail solutions such as magnetic prong locks are a simple solution to stock loss. Retailers can protect valuable assets such as print cartridges and shaver heads using magnetic release keys to remove magnetic prong locks quickly and easily from metal display hooks.

“High-tech security systems are an expensive investment, and although they produce the desired results, they are not always necessary. POS and display solutions ensure store displays are safeguarded from potential theft at a fraction of the cost. Retailers looking to fortify their product security should leverage these solutions to combat stock shrinkage.” Bedford concluded. dcvelocity.com


NY Gov. Takes Victory Lap With Retailers After Signing Theft Crackdown
Governor Hochul Visits Suffolk In $45M Fight Against Retail Theft

Governor Hochul visited the Lindenhurst Bolla Market to discuss a new plan to fight retail crime with the Bolla CEO Harry Singh on May 3.

On Friday, the governor met with Bolla Market President and CEO Harry Singh at the Lindenhurst location to announce a new plan to fight retail theft in New York.

While meeting with Singh, Governor Hochul shared information about new laws against organized retail theft included in the FY 2025 Enacted Budget.

According to the governor's office, Hochul’s plan focuses on five points, including increased criminal penalties; allowing prosecutors to combine items stolen from different stores when filing charges; going after third-party sellers for selling stolen goods; $40 million for retail theft units; and $5 million tax credit to help small businesses invest in added security measures such as cameras.

"I promised the retail workers and our small business owners that I would protect them - and we are doing just that," Governor Hochul said. "Here in New York, we are standing up to organized retail theft, backing our businesses and their workers with the full force of the law, and restoring that sense of security and peace of mind so they can focus on what they do best."

Hochul's focus on the crimes comes after a significant spike in retail theft over the past six years. According to her office, larceny offenses in New York City increased by 51 percent from 2017 to 2023, while robberies, grand larceny and petit larceny jumped by 86 percent. patch.com


New York's New Retail Theft Crackdown Takes Effect TODAY
Lawmakers crack down on theft against small retail, businesses owners in Brooklyn

Small business owners can soon operate their establishments safely knowing that criminals will be held accountable for their actions.

Community members and local business owners gathered in Bensonhurst Friday to listen to Sen. Iwen Chu's announcement of a new law that will increase penalties for assaults against retail workers and support businesses in making security upgrades.

"With this new legislation, a new law assaulting a retail work is a felony," Chu said. "We're talking about punishable up to four years in prison. We need to send this message loud and clear in multiple language."
Small business owners can soon operate their establishments safely knowing that criminals will be held accountable for their actions.

"The current law is if the stolen property value is less than $1,000, it' s a class A misdemeanor," said Chu. "Now we make sure the prosecutor has the tool to prosecute accordingly."

Local business owners like Phillip Xu joined Chu at the podium in front of his restaurant, New Bay Pkwy Cafe. Xu mentioned that recently his cafe had been vandalized by thieves - disturbing both customers and his staff.

"The people come in and make trouble while customers are here and scare everybody," he said.

The new law will officially go into effect on Tuesday. brooklyn.news12.com


Advocates plead for action on gun reform as they remember Allen mall shooting
 

Retail's 'Game of Chicken' with Consumers
A slew of retailers in recent weeks have announced price cuts

Retailers jacked up prices and squeezed consumers. They might have just blinked
Retailers are feeling jittery. Consumers aren't shopping like they used to. In a game of chicken between stores and shoppers, it's the stores that appear to be yielding first, by dropping prices on thousands of products.

The markdowns come as inflation has pushed prices higher for the past two years, squeezing Americans and forcing them to choose between wants and needs. That's a problem not just for individual shoppers or even big retail chains but for the whole American economy, of which about two-thirds comes from consumer spending.

A slew of retailers in recent weeks have announced price cuts as they strive to pull consumers into stores and entice them to spend money on things like new clothes, decorative items for the home and arts and crafts or hobby kits.

Shoppers have pulled back for a year now as costs have risen 20% to 30% higher than they were a year ago and as incomes failed to keep up, said Sarah Wyeth, managing director, retail and consumer with S&P Global Ratings. This is making consumers across income levels look for deals.

The end result has been a palpable sense of anxiety from the industry. "Retailers have been nervous for quite a while," Wyeth said. "There's just less dollars for consumers to spend." The challenge for retailers now is to shake consumers out of that frugal mindset. cnn.com


Consumers Remain Resilient Amid Economic Uncertainty
NRF: Economy slowing but ‘remains resilient'; Q1 spending up 2.5% over last year
Americans remain willing to spend on both goods and services despite ongoing cost pressures

Economic growth slowed during the first three months of the year, but consumers are still spending more than last year, National Retail Federation chief economist Jack Kleinhenz said on Tuesday.

“The U.S. economy lost some spring in its step during the first quarter as the pace of growth declined, and the downshift came with an unexpected bout of inflation,” Kleinhenz said, adding that prices for services are still increasing even as prices for goods level off. “But even with signs that the economic expansion is decelerating, the economy remains resilient, boosted by a solid job market and continued spending by consumers and businesses.”

Kleinhenz’s comments came in the May issue of NRF’s Monthly Economic Review, which said gross domestic product grew only 1.6% in the first quarter, less than half the 3.4% seen in the fourth quarter of 2023 and the lowest level since 2.1% in the second quarter of last year. chainstoreage.com


Retail Wages on the Rise - Thanks to Amazon?
How much the typical worker makes at 19 retailers, from Amazon to Walmart

Wages for retail workers have been going up in recent years.

Retail workers' hourly wages have increased substantially in the last several years as major employers like Walmart, Target, Home Depot, Lowe's, and more have plowed billions of dollars into pay increases in a bid to get people to join — and stay.

Ever since Amazon set its minimum wage at $15 in 2018, more retailers have followed suit by offering starting wages that are more than double the national minimum of $7.25. The Federal minimum was last set in 2009.

But hourly wages are just one part of the pay equation. An employee's earnings also depend greatly on how many hours they work. That can vary considerably, especially in seasonal segments. businessinsider.com


In-Store Shopping Making Comeback?
Gen Z big on in-store shopping
One generation tops all others when it comes to shopping preferences.

In a surprising finding, Gen Z's preference for in-store shopping experiences tops all other generations at 30.77%, according to a study by consulting and market research firm 2 Visions. The finding contrasts sharply with the common perception of younger consumers favoring online shopping, indicating a notable trend towards physical retail among this digitally-native demographic, the study noted.

“The strong inclination of Gen Z towards in-store experiences suggests a vibrant opportunity for retail brands to revitalize and innovate within their physical spaces and create a value-based approach to omnichannel,” said Yates Jarvis, principal at 2 Visions. “Embracing this shift can transform how we approach retail strategy and customer engagement for the most digitally connected generation." chainstoreage.com


Rally House grows to over 200 locations

Is consumer well-being the key to retail’s future?