Live heat maps to revolutionize the fight against retail theft
Video surveillance systems, smart case locks, and AI security robots are among just a few anti-theft technologies on the market. But what if the answer to loss prevention could be simplified?
The Loss Prevention Research Council (LPRC) at the University of Florida develops and tests theft prevention technology, funded by dozens of retailers who pay an annual membership fee to access the lab’s findings. The lab, in turn, works on solutions that bring retailers together who traditionally compete. Walmart (WMT), Amazon (AMZN), and Kroger (KR) are just some of the companies that have already come together to share their data in real time with the ultimate goal of stopping theft before it happens.
Yahoo Finance’s Madison Mills gets an inside look at the research lab where heat maps are designed to pull information from a variety of sources, including retailers, law enforcement, and fire rescue agencies to pinpoint where and when crime occurs — not only to prevent losses but to combat much larger, global issues that retail crime funds.
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Editor's note: This article was written by Cindy Mizaku
Video Transcript
AKIKO FUJITA: Season 2 of our series NEXT. Yahoo Finance's Madison Mills visited a research lab that develops and tests theft prevention technology for retailers. Maddie, how does this differ from what retailers are already doing right now?
MADISON MILLS: Well, Akiko, in our upcoming episode of NEXT, we got a look at how retailers are investing in AI-powered technology that's brand new to help fight an existing problem with theft. We were given an exclusive look at one of those technologies. We visited the Loss Prevention Research Council, which houses over 400 of these brand new tools within the University of Florida. Here's a look at what we saw.
Retail theft like this could be prevented with new AI-powered technology. This lab develops and tests new tech that aims to curb theft. And over 80 companies who traditionally compete, from Target to T.J. Maxx are coming together to fight that theft, investing in AI-powered tech like this live heatmap. This dashboard pulls information from retailers, law enforcement, and fire rescue agencies to paint a clearer picture of where and when crime happens.
READ HAYES: It's allowing us to better understand the dynamics, the ecology of crime, who's doing it, where are they from, who are they linked to, why are they picking certain places and not other places.
MADISON MILLS: What's next for the map, an alert system, where stores would get a ping if any nearby retailers experience a crime event. The Loss Prevention Research Council plans to expand its footprint with retail partners in Atlanta, Albuquerque, and beyond. Experts like Read say retailers coming together on technology like this could make retail theft a thing of the past.
And this isn't just getting attention from the retailers themselves. It's also getting legislative attention as well. Right here in New York, Governor Kathy Hochul announcing $45 million in funding to prevent retail theft. 5 million of that just in potential tax provisions for small businesses to invest in AI-powered technology as well.
RACHELLE AKUFFO: All right. Appreciate you, Madison Mills. Be sure to tune in this Monday at 4:30 PM Eastern to see the season 2 premiere of Yahoo Finance's series NEXT, taking a look at how AI-powered technology can help prevent retail theft. Don't want to miss that.
