This definitely isn’t a surprise when you turn on the television these days and watch all the retail smash and grabs in major cities across North America. A new study shows that luxury retailers are braced for a rise in the value of losses to theft and security costs. They’re planning to spend to fight back. That’s according to new global research by communication technology company Communications Specialist Ltd.
Its study with senior executives at luxury retailers with total annual turnover of $3.1 billion across Asia, Africa, Europe, the US and South America found nearly two out of three (62%) expect a rise in losses to theft over the next three years. Nearly a third (31%) predict a dramatic increase. Senior executives questioned are generally happy with the overall level of security operations in the luxury retail sector. Around 24% rate it as excellent while 64% say security is good and just 12% rate it as average.
On average security spending will be increased by 28%, the study found, but one in five (20%) expect security spending to increase by 40% or more in the next three years.