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Washington State has been revealed to be the most affected by retail crime in the US, according to a new study.
In response to retailers across the US continuing to close stores in response to theft-related losses and safety concerns from organized retail crime, a December 2023 analysis by Forbes Advisor of retail theft statistics of American small business owners revealed that 90 percent of small business retailers have been victims of theft, and 83 percent said it is a significant concern.
Wyoming was the least impacted state.
According to the survey, the Evergreen State, with Jay Inslee as Governor, accounts for 48 percent more retail theft than expected, based on its share of the US population.
Washington also ranked third worst in the total value of stolen goods, while larceny-theft incidents in the state are the second-highest per capita, while placing as the second-highest in the survey’s larceny-theft growth rate metric, up 24 percent between 2019 and 2022.
The deep blue state was also in the top 20 of the worst states for retail crime’s cost to business, including lost product costs and higher insurance rates.
Pennsylvania had the highest average total value of stolen goods per capita.
85 percent of small business retailers have experienced theft annually and a majority reported an increased frequency of theft or a frequency that remained consistent in 2023 compared to previous years.
Theft losses ranged between $500 and $2,500 monthly for most retailers. Owners have adopted anti-theft measures to address this growing concern.
To compensate for the losses, the majority of small business owners raised prices.
Additionally, retail owners with one to 20 employees were the most likely to experience theft daily, while businesses with 21 to 30 employees were most likely to experience theft a few times a week.
9 percent of small business retailers said they wouldn’t report the thefts to law enforcement. 6 percent said they wouldn’t report it to their insurance carrier.
The majority of both categories cited the effort to do so as too time-consuming.
The outlet cited the National Retail Federation, which revealed that organized retail theft in the US jumped from 70.7 percent in 2022 to 78.1 percent in 2023, with 88 percent of retailers reporting a spike in the violence of shoplifters over the past year.
In response to retailers across the US continuing to close stores in response to theft-related losses and safety concerns from organized retail crime, a December 2023 analysis by Forbes Advisor of retail theft statistics of American small business owners revealed that 90 percent of small business retailers have been victims of theft, and 83 percent said it is a significant concern.
Wyoming was the least impacted state.
According to the survey, the Evergreen State, with Jay Inslee as Governor, accounts for 48 percent more retail theft than expected, based on its share of the US population.
Washington also ranked third worst in the total value of stolen goods, while larceny-theft incidents in the state are the second-highest per capita, while placing as the second-highest in the survey’s larceny-theft growth rate metric, up 24 percent between 2019 and 2022.
The deep blue state was also in the top 20 of the worst states for retail crime’s cost to business, including lost product costs and higher insurance rates.
Pennsylvania had the highest average total value of stolen goods per capita.
85 percent of small business retailers have experienced theft annually and a majority reported an increased frequency of theft or a frequency that remained consistent in 2023 compared to previous years.
Theft losses ranged between $500 and $2,500 monthly for most retailers. Owners have adopted anti-theft measures to address this growing concern.
To compensate for the losses, the majority of small business owners raised prices.
Additionally, retail owners with one to 20 employees were the most likely to experience theft daily, while businesses with 21 to 30 employees were most likely to experience theft a few times a week.
9 percent of small business retailers said they wouldn’t report the thefts to law enforcement. 6 percent said they wouldn’t report it to their insurance carrier.
The majority of both categories cited the effort to do so as too time-consuming.
The outlet cited the National Retail Federation, which revealed that organized retail theft in the US jumped from 70.7 percent in 2022 to 78.1 percent in 2023, with 88 percent of retailers reporting a spike in the violence of shoplifters over the past year.
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