The 2023 National Retail Security Survey found that theft-related losses increased from $93.9billion in 2021 to $112.1billion in 2022.

“Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire,” NRF Vice President for Asset Protection and Retail Operations David Johnston said.

“Far beyond the financial impact of these crimes, the violence and concerns over safety continue to be the priority for all retailers, regardless of size or category.”

The survey found that the shrink rate in the 2022 financial year hit 1.6 percent, up from 1.4 percent in 2021. Theft accounted for almost two-thirds of retailers’ shrink.

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