In the last 5 years, retailers have experienced a staggering 93% surge in shoplifting incidents per year—along with a 90% spike in losses, according to the National Retail Federation’s 2023 Impact of Retail Theft Survey. As theft continues to rise, businesses are facing mounting challenges in protecting their inventory and bottom line.
A reliable solution businesses could employ would be introducing interchangeable core systems into their key master system. Interchangeable core systems can serve as a strategic solution to enhance profitability by reducing shrink and securing assets. In this blog post, we will explore how interchangeable core systems can enhance security for franchise owners.
Understanding Interchangeable Core Systems
When you use a lock with an interchangeable core, you can remove the core from the lock hardware using a key. This eliminates the need to call a locksmith to rekey a lock, which means you can rekey a lock quickly to minimize the risk to your business when a lock is compromised. Using an interchangeable core system can help prevent shrinkage and internal theft by reducing vulnerabilities when a lock needs to be changed, especially for a master key system.
Interchangeable Key Cores vs. Traditional Key Systems
Traditional key systems also have key core cylinders that must be replaced when a key is lost, misplaced, or stolen. However, they require special tools for replacement, which necessitates a call to the locksmith. Depending on the response time, your business, staff, and inventory could be at an elevated risk for theft.
With interchangeable core systems, you don’t have to wait for a locksmith. Instead, by keeping spare key cores on hand, you can remove and replace the key core with one key. This saves invaluable time whether you are rekeying due to a lost key or following a theft. As such, interchangeable cores serve as a strategic advancement for loss prevention. You can save even more time and money with rekeyable interchangeable cores.
Related Reading: Traditional Key Core vs. Rekeyable Interchangeable Cores
Enhanced Security Benefits of Interchangeable Key Cores
Keeping track of keys can be a full-time job for locations with numerous doors and locks or locations. When a key is lost, the risk of a security breach at your business immediately increases. If you have to wait for a locksmith, your staff and your products could be at risk for hours, days, or weeks. With interchangeable key cores, you can swap out the core in minutes to provide instant re-keying, combating internal theft without costly locksmith services. Utilizing interchangeable cores empowers staff to immediately replace compromised locks.
Flexibility and Convenience for Franchise Owners
Installing rekeyable interchangeable cores in your locks can streamline key management, allowing loss prevention or facilities to efficiently oversee security with a small team. They can rekey a lock at a moment’s notice at the master level without the need to rekey at the user level, saving time and money while ensuring your business remains secure.
In addition, a rekeyable interchangeable key master system can swiftly adapt to changing threats and turnover, offering peace of mind and continuous protection. When employees leave with a key, you can rekey immediately. The same holds true if a key is lost or stolen. Because you handle rekeying internally, you are not at the mercy of a locksmith who may not show up immediately or have to pay for after-hour rates.
Cost-Effectiveness Save Franchise Owners Money
Traditional locks typically have a lower upfront cost because they are less expensive than interchangeable locks and cheaper to install. However, they can be more expensive over time thanks to the locksmith fees required to replace them when rekeying is needed. Those costs could range between $150 and $450 per lock, not including extra fees for after-hours calls.
Interchangeable core locks cost more upfront, but you eliminate the need for a locksmith when you need to rekey them. Plus, you can recore or rekey it immediately, reducing theft or safety risks.
Franchise Owners: A Case for Interchangeable Rekeyable Key Cores from a Grocer
In 2006, Winn-Dixie Asset Protection started searching for a restricted key management program to help standardize their location’s key control to reduce locksmith costs. Their research led them to InstaKey, which helped design a restricted key management program incorporating interchangeable lock cores at 555 locations. During the program's first four years, less than 50% of Winn-Dixie’s locations were rekeyed, reducing the need for rekeying while saving time and expense.
Implementation Challenges and Solutions
The initial setup costs for rekeyable interchangeable core locks will be higher than those for traditional locks. However, because you won’t have to pay locksmith fees to rekey them, your ROI will become apparent the first time you rekey the lock. Over time, you could see long-term profitability that makes interchangeable cores a win-win solution.
Related Reading: Step-by-Step Guide to Implementing Interchangeable Key Core Systems
How to Choose the Right System
Creating the right key system for your business depends on your needs and budget. Smaller businesses with low staff turnover may do well with traditional locks because keeping track of keys is easier, and there’s a reduced need for rekeying.
Tracking keys and changing out locks can be much more difficult for larger businesses with multiple locations. An interchangeable core system can improve key management and rekeying locks in those instances. In the long run, it could reduce costs and improve security.
Using rekeyable interchangeable core systems means you can immediately rekey locks, reducing risk to your business and staff. Although they may be more expensive than traditional locks to purchase and install, you’ll recoup those costs by saving on locksmith fees and rekeying locks yourself over time. This can be a proactive measure to mitigate theft risks and boost your business's profitability.
Partnering with industry experts in security solutions can help you formulate a key system that best serves your business. Learn more about how InstaKey can help you with key control.
