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National Federation of Independent Business Illinois State
Director Chris Davis said Illinois sees the threat of retail
crime and is taking steps to battle the uptick.
"Thirty-six percent of small business owners are reporting
spending on new technology and new equipment, and a significant
portion of that including surveillance and security equipment,"
Davis told The Center Square.
Retail crime is a vital issue small businesses face and Davis
said businesses are paying attention.
“I think small business owners in particular are just being more
mindful and more watchful," Davis said. "They're finding
themselves spending more time in their businesses and watching
their storefront more closely. They're monitoring their stores.
They're looking to invest in technology."
Gov. J.B. Pritzker signed a new bill into law in May that
creates harsher punishments for individuals participating in
retail theft across the state. House Bill 1091, or The INFORM
Act, provides enhanced penalties for people who engage in
organized retail theft. The legislation goes into effect
beginning Jan. 1, 2023.
The National Retail Federation conducted a 2020 survey of
businesses, revealing that organized retail crime accounts for
approximately $720,000 in losses for every $1 billion in sales.
This amounts to a 0.071% loss rate which is an increase from a
0.045% increase in 2015.
According to the NRF Retail Security Survey from 2021, the total
inventory shrinkage was approximately 1.6%.
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