• Weekly Retail Update: October 31, 2016

  • October 31, 2016
Weekly Retail Update

Apparel, Toys, and Electronics Projected to be Most Stolen Items This Holiday Season

As retailers get ready for holiday shopping, they also are preparing for retail shrink and loss prevention. According to the 2016 Retail Holiday Season Global Forecast, apparel, toys, and electronics will be the most stolen items this holiday season. The study also projected that the retail cost loss burden was expected to sit at $50 a person this holiday season, a cost that is nearly double the burden in other quarters. According to Ernie Deyle, a retail loss prevention analyst, “As this report reveals, despite more than one-third of the year’s retail sales expected to be registered in just these three months, more than 40% of SRAs are also incurred in this same time period. This leads to increased shrink, and puts additional strains on brick-and-mortar retailers already reeling from an ongoing inhospitable retail market.” (Innovative Retail Technologies)

Election Halting Online Shopping Plans

According to the National Retail Federation’s annual consumer spending survey, 43% of shoppers reported being more cautious with their holiday spending due to the uncertainty surrounding the election. Even with hesitation, 87% reported a deal could entice them to spend $25 more this shopping season. “Everywhere you turn — whether you’re picking up a newspaper or watching television — political advertisements are taking up ad space that retailers typically use to get holiday shopping on the minds of consumers across the country,” said NRF president and CEO Matthew Shay said. “Once the election has passed, we anticipate consumers will pull themselves out of the election doldrums and into the holiday spirit.” (CSA)

Amazon’s Fast Shipping Has Increased Customer Shipping Expectations

Shoppers’ patience for shipping is dwindling. According to a new survey conducted by Deloitte, only 42% of shoppers think 3-4 day shipping is fast. This number falls 21 points from a similar survey conducted last year. In order to compete with Amazon’s free prime and same-day delivery, many brick-and-mortar stores are sending online orders directly from their store fronts in order to cut down on shipping times. “They had to up their game,” said Rod Sides, head of Deloitte’s retail and distribution practice. (CNBC)

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About Holly Pels

Holly Pels is the Content Strategy Manager at RICS. When she isn't planning out the awesome content you see on the RICS site, you can find her playing soccer, baking, or drinking champagne.