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.

more latest news ➡

Yorkshire Garden Centres adds two Dean's stores to portfolio

Yorkshire Garden Centres adds two more sites to portfolio

Bradford-based Yorkshire Garden Centres has announced it is to operate two more sites in Yorkshire.  The two Dean's Garden Centre sites at York and Scarborough will be added to the group that already has sites at Tong, Tingley, Otley and Bingley in West Yorkshire....

Klondyke Group announces Outdoor Living showcase

Klondyke Group’s Outdoor Living Showcase

A sprinkling of Sherbert through the Cottage garden; the simplicity and calmness of Urban Nature through to the mood and mystery of Moroccan Delights; these were amongst the main themes revealed at the Klondyke Group's Outdoor Living Showcase Event hosted this week...

GCA BoT results show garden projects on the up

January’s GCA BoT results reveal rise in garden projects

Hard landscaping topped the sales table in the Garden Centre Association’s (GCA) Barometer of Trade (BoT) report for January 2024 with hardy plants, seeds and bulbs also doing well. Figures recorded by GCA member garden centres last month show a good start to the...

Rising stars nominations deadline 1 March

March 1 deadline for Rising Stars nominations

The GCA is urging members to get their 2024 Rising Stars nominations in by March 1 to help showcase and develop the industry’s most talented individuals this year. The Westland Horticulture sponsored programme offers those who participate the chance to be mentored...

Handy drops new catalogue for 2024 season

Handy unveils the latest gardening and DIY products

British garden manufacturer Handy has announced the arrival of its new catalogue and Monthly Dealer Promotions Calendar, both designed to provide retailers with valuable increased margins on a wide range of gardening and DIY products and ensure they have everything...

HTA shows caution for garden retailers

Garden Centres cautious despite good start to year

The Horticultural Trades Association (HTA) releases its February monthly market update, which shows that despite the UK economy's recently announced recession, garden retail continues to show some green shoots to kick off the year. The resilience is a continuity of...

Read GCR's latest edition!
Read GCR's latest Made in Britain Supplement!

Subscribe ToThe Wednesday Word

Subscribe To
The Wednesday Word


Get all the latest news, events & more straight to your inbox every Wednesday.

You have Successfully Subscribed!

Pin It on Pinterest

Share This