ICSC Holds Summit on Organized Retail Crime to Address Industry-Wide Challenges
The event features sessions with industry leaders and policymakers to offer educational resources and foster collaborative support
NEW YORK, March 8, 2023: Today, ICSC is holding its Organized Retail Crime Summit, marking the organization’s first-ever event dedicated to addressing the impact of organized retail crime (ORC) on retailers and the Marketplaces Industry. The summit, held in partnership with the Loss Prevention Research Council which is located in the University of Florida INNOVATE Hub, will help attendees better understand the impact of ORC on their business and how they can work to mitigate it across the industry.
Unlike petty crime or independent shoplifting incidents, which account for a nominal percentage of inventory value, organized retail crime is defined as an act that involves a criminal enterprise employing a group of individuals (two or more) who steal substantial quantities of merchandise from a retailer(s).
ORC poses immense risk to retailers, small businesses, and the Marketplaces Industry; according to the National Retail Federation (NRF), total shrink accounted for $94.5 billion in losses in 2021, up from $90.8 billion the year prior. ORC plays a significant contributing factor toward these overall losses and is now increasingly accompanied by violence and aggressive acts; three-quarters of retailers reported ORC resulted in the physical assault of an employee.
“Organized retail crime poses a threat to not only our industry and business owners but increasingly to the safety of employees and consumers, as well,” said Tom McGee, President & CEO of ICSC. “The Organized Retail Crime Summit expands our efforts to put a stop to ORC by creating a space for discussion, education, and collaboration on meaningful solutions that protect retailers and Marketplaces.”
Sessions at the summit will feature insights on the scope of the problems caused by ORC and retail violence, opportunities through research and collaborative information sharing, and legislation as a means to abate ORC.
ICSC and other organizations involved with the summit continue to actively support ongoing policy efforts, including S. 140, the “Combating Organized Retail Crime Act of 2023,” sponsored by Senator Charles “Chuck” Grassley (R-IA). Senator Grassley will be a featured speaker at the summit, discussing how this and other pieces of legislation – including the recently signed INFORM Act – are critical steps toward limiting organized crime.
Other speakers at the summit include leaders from NRF and the Retail Industry Leaders Association (RILA), as well as Louisiana State University’s Stephenson Security Program Institute.
More information on ICSC’s efforts to combat ORC can be found here.
About ICSC
The member organization for industry advancement, ICSC promotes and elevates the marketplaces and spaces where people shop, dine, work, play and gather as foundational and vital ingredients of communities and economies. ICSC produces experiences that create connections and catalyze deals; aggressively advocates to shape public policy; develops high-impact marketing and public relations that influence opinion; provides an enduring platform for professional success; and creates forward-thinking content with actionable insights – all of which drive industry innovation and growth. For more information, please visit www.ICSC.com.
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Stephanie Cegielski
Vice President, Research & Public Relations