Effects of Stakeholder Relationship Quality on Efficient Retail Crime Prevention: A Research Agenda

Research experts of retail shrinkage, security, crime, and loss prevention believe that irrespective of technical advancements all across the globe there has not yet been desired substantial positive changes in reduction of shrinkage and retail crime. Every year, retailers lose billions of dollars through reduction in retail inventories due to shoplifting, employee theft, supplier fraud, and deliberate administrative errors. Retailers do invest money in all sorts of tangible measures such as installing CCTVs, GIS, RFID tags, appointing private security guards etc. to reduce incidents of crime against them. However, the relations of retailers with their stakeholders are formal and transactional. It is today’s necessity that retailers should constructively work upon building quality business transactions along with harmonious and safe relationships with their stakeholders. Our research is based on improving stakeholder relationship quality that ensures support for retailers to have secured business environment which results in effectively minimized retail crime incidents.