Retail theft, also known as retail shrink, has become a growing concern for retailers across the industry. The annual merchandise shortage rose to $94.5 billion in 2021, according to the National Retail Federation (NRF). Marty Andrews, VF Corporation (VFC) Vice President of Loss Prevention, joined Yahoo Finance Live to discuss what consumers need to know about retail theft as part of the weekly series "Retail Evolution: The New Era."
Andrews also touched on some of the actions that organizations and retailers are taking to prevent retail theft. Andrews said, "Retailers are working collaboratively ... many of these individuals are going to multiple retail locations ... we're getting more traction on those cases. So it's an education process for everyone involved, but it's going to take time and it's going to take resources and definitely collaboration."
