In the fall of 2018, the Loss Prevention Research Council was asked to conduct a research study on Retail security locks to better understand all types of existing lock programs in the overall retail industry and analyze the cost-benefit of InstaKey proprietary locks based on costs retailers incurred in one lock change event.
25 retailer members of LPRC participated in an online survey interview questionnaire. Each participant was asked to identify their retail sub-sector, lock system used, placement of locks, frequency of lock changes, reasons to change locks, and costs associated with one lock change event.
The most interesting findings were that the primary reasons locks are changed was due to lost/stolen keys. In addition, most respondents didn't know how frequently they changed their locks on an annual basis. Overall, retailers experienced variable levels of cost due to lock changes. This may be attributable to the sector and/or store size.