In this blog, we will delve into the various components of retail security costs and discuss how to calculate a return on your investment (ROI) in retail security.
Keyholding services involve a company holding a set of keys to your retail establishment and responding to alarms or emergencies as needed. The cost for keyholding services typically ranges from £1 to £1.10 per day. This service is crucial for ensuring quick access to your premises in case of an emergency.
Mobile patrols are conducted by security professionals who make regular visits to your retail location to deter potential threats and address security concerns. The cost of mobile patrols varies but generally falls in the range of £14 to £25 per visit. These patrols can help prevent theft and vandalism, providing a visible security presence.
Lock and unlock services involve security personnel ensuring the secure opening and closing of your retail store. This service helps in preventing unauthorised access before and after operating hours. The cost typically ranges from £14 to £25 per visit, depending on the complexity of the task and location.
Alarm response services involve security teams swiftly responding to alarms triggered on your premises. The cost for alarm response can range from £45 to £65 per call out. Timely response to alarms can minimise potential losses and damage, making it an essential part of retail security.
Security officers are trained professionals responsible for maintaining a secure environment within your retail store. Their hourly rates generally range from £15 to £17 per hour. Security officers provide a physical presence and can handle various security-related tasks, from customer assistance to deterring theft.
Door supervisors are security personnel often employed in bars, clubs, and larger retail establishments to control access and ensure safety. Their hourly rates range from £19 to £21 per hour. Door supervisors play a critical role in maintaining order and preventing incidents at the entry points of your establishment.
To calculate the ROI on retail security, start by assessing the potential risks and losses your business could face without adequate security measures. Consider factors like theft, vandalism, employee safety, and reputation damage. Calculate the potential monetary and non-monetary losses associated with these risks.
Next, estimate the total annual cost of your chosen security services, including the likes of keyholding, mobile patrols, lock and unlock, alarm response, security officers, and door supervisors. This will give you a clear picture of the investment required to mitigate security risks.
Implement your selected security measures and track their effectiveness over time. Measure the reduction in security-related losses, such as decreased theft, reduced damage to property, and improved employee safety. Compare these reductions to your initial risk assessment.
To calculate the ROI, use the following formula:
This ROI will give you a percentage that represents the return on your investment in retail security. A positive ROI indicates that your security measures are effectively reducing losses and providing a tangible financial benefit.
Retail security is a necessary investment to protect your business, employees, and customers. By understanding the various components of retail security costs and how to calculate the return on your investment, you can make informed decisions about which security measures are right for your retail establishment. Remember, security is an investment that can safeguard your business and contribute to its long-term success.
To speak to a team of industry experts, contact the professionals at Stonewall Security.
