Paul Newbury, managing director at Intrepid Security explains that there’s a misalignment between perceived risk and actual vulnerability. Because security is still viewed by many as a line on the balance sheet able to be squeezed, rather than a business-critical function that protects people, property, and profit.
Retail has always been a dynamic industry, but it’s never been more complex. From shifting consumer habits and omnichannel operations to economic pressures and labour shortages, today’s retailers are managing more moving parts than ever before. But one area still too often underestimated is physical security – and the very real impact of getting it wrong.
Shrinkage, reputational damage, and legal exposure are just the beginning. The true cost of inadequate or obsolete security measures in retail environments is often felt long after the incident itself, and it can affect everything from staff morale to insurance premiums and even customer loyalty.
The true cost of inadequate security
According to data from the British Retail Consortium, the total cost of retail crime is £4.2 billion – including theft, fraud, and damage as well as preventative methods. But behind that number is very human consequences: retail workers facing increased violence, customers losing trust, and businesses pouring money into reactive measures instead of proactive ones.
“This problem is, naturally, amplified in environments where security technology is outdated or underutilised. We often see retailers who invested in systems years ago reluctant to maintain or upgrade despite it no longer serving their needs. Or worse, solely relying on staff vigilance as a frontline defence.
In today’s smart building ecosystem, this simply isn’t good enough.
Smart security for smart buildings
Modern smart buildings offer a wealth of opportunity to make security more efficient, responsive, and integrated. Video analytics, PS locks, intelligent access control, real-time monitoring, and cloud-based platforms are no longer futuristic, they’re the standard in forward-thinking retail environments.
Yet many retailers are still failing to link their building systems – HVAC, lighting, security, and access – into a unified strategy. This siloed approach doesn’t just miss opportunities for efficiency; it creates blind spots. A smart building that isn’t secure isn’t smart at all.
Budget vs risk
In today’s climate, every penny counts. But cutting corners on security often costs more in the long run. A scalable, well-designed solution isn’t just a purchase, it’s an investment in resilience.
Because crime is a very real threat. In 2023 alone, Government statistics show that more than a quarter of UK businesses were impacted. So, the question shouldn’t be: ‘can we afford to invest/upgrade?’, but rather: ‘can we afford not to?’
While no system offers total protection, the most effective outcomes come when security is prioritised from the outset. Early planning, smart integration, and continuous reviews are essential.
Looking ahead
As the retail landscape continues to evolve, so too must our approach to security. It’s time for a shift in mindset – from cost centre to profit protector. Smart retailers in smart buildings must take a smarter approach to risk.
Because security isn’t just about preventing crime. It’s about enabling safe, seamless, and data-driven customer experiences. And that starts by investing wisely.