The average hardware store in the U.S. loses nearly $47,000 (or 1.6 percent of sales) each year to shrinkage, according to the 2022 Cost of Doing Business Study from the North American Hardware and Paint Association (NHPA). The problem has been getting worse in recent years, mostly due to an increase in shoplifting. Another study, by the (U.S.) National Retail Federation, reveals that nearly one-third of retail shrink comes from employee theft. Employees can steal money from the cash register or product from the sales floor. Advances in surveillance technology have made it easier to catch and prosecute thieves, but prevention remains the best strategy.
NHPA recently updated its three courses in loss prevention, which cover internal theft, external theft, and store safety. The courses feature a new format and include updates on the latest trends and technologies in loss prevention.
(All courses are available to dealers with an NHPA Premier Membership. If you’re not a member, visit YourNHPA.org/membership to learn more.)