Magazines Archives - 2011 December

Security technology keeps up with retailers’ needs in Singapore
Story 9 - Focus

For the first time in three years, Singapore retailers have experienced a growth in shrinkage as retail loss continues to climb in the region. According to the latest Global Retail Theft Barometer (GRTB) released last month by UK-based Centre for Retail Research, shrinkage in the city-state stood at 1.21%, up 3.4% from last year, costing retailers US$174 million. While still among the lowest shrink rates in the region, retailers here are not resting on their laurels when it comes to loss prevention and security. Citing the city-state’s low crime rates and stringent disciplinary actions against crime, Ng Whye Keong, group director and CFO of Pet Lovers Centre Pte Ltd, observes that these have also led Singapore retailers to “lack a sense of urgency” when it comes to their lossprevention efforts.

Pet Lovers Centre’s Ng Whye Keong: Low loss-prevention spend, “while relative to size, sophistication level and nature of the business”, remains a concern as it reflects the retailers’ “failure to move with the times”.

However, Ng recognises that several factors — such as greater awareness through training, bottom-line pressures, increased globalisation and expansion “beyond the ‘safe’ shores of Singapore”,“rapid growth of retail and supply-chain software, along with lower technology costs” — are beginning to encourage retailers to invest in loss prevention.

Derrick Koh, acting general manager of global retail security solutions provider ADT Security, Singapore, also notes that despite Singapore’s low crime reputation and a robust economy, many retailers have turned to technology to “safeguard their assets and protect their revenue”.

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