Two in three luxury retailers predict rise in theft

by | Aug 14, 2023 | Business, Features, Technology | 0 comments

Theft potentially on the rise

Luxury retailers are braced for a rise in the value of losses to theft and security issues and are planning to boost spending to fight back , new global research by communication technology company Communications Specialist Ltd shows.

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.

However the research by Communications Specialist Ltd which supplies technology supporting luxury retailers and their clients found they are planning to significantly increase spending on security over the next three years.

On average 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.

Kevin Buchler. Chief Marketing Officer at Communications Specialist Ltd, said: “Security is crucial for luxury and high-end retailers given the value of the goods on sale and it is worrying to see so many firms concerned about a rise in the value of losses from theft.

“In general they are happy with the level of security the sector already has but clearly there is room for improvement as highlighted by the plans to increase spending.

“We are seeing the impact in increased interest from the sector which represents a growing market for secure radio communications and communications technology.”

Communications Specialist Ltd provides sales support on two-way radio systems as well as training, fitting and commissioning of equipment, systems amalgamation, on-site instruction, maintenance and the provision of spare parts internationally.

Its team of radio system experts have more than 25 years’ experience and will support and help resolve complex network issues on-site or remotely.

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