The LPM team is privileged to have a front-row seat to the very best in the loss prevention industry, providing a unique opportunity to present positive, productive ways to promote loss prevention, build successful and constructive partnerships, educate and inform the LP community, and support the thought leadership that drives Read More
A loss prevention definition, at its most basic level, states that loss prevention is about preventing losses and shrink, and enhancing the profitability of retail companies. However, the loss prevention definition that many professionals would offer has grown increasingly complicated as various functions, philosophies, tasks, and responsibilities are debated by the LP community.
Rapid changes in retail, enabled by new technologies, mean that the way consumers shop, the products they buy, and even the way they pay for goods and services are all changing in ways that never would have been expected just a few years ago.
Technology is driving trends in areas such as mobile POS, emerging selling concepts, and business analytics. Intelligent CCTV systems with analytics technology will continue to have a bearing on how LP performs in the stores, but will take on additional value as part of other retail applications. Use of data and predictive indicators, cloud computing, and business intelligence will enhance processes as well as investigations.
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Many also believe that RFID technology will finally take on a bigger role in effectively managing inventories, from original purchase or manufacture until it ends up in a customer’s hands. This may also expand the role of LP into areas that until now were considered non-traditional, such as energy savings, SKU rationalization, accident reduction, and business continuity.
The emergence of omni-channel retailing as a growth driver will have a substantial impact on the role of loss prevention. As described by one industry leader, “As the retail industry continues to consolidate, increase in complexity, and expand omni-channel solutions, the role of LP will change significantly.” Omni-channel retailing will enable customers to purchase what they want, when they want it, and decide how they want to pay for it and have it delivered.
The move toward the infinite store is creating new areas that need to be secured, such as networks and customer data. LP professionals are increasingly being asked to bring their specific skills into areas where they never participated before, causing a shift in responsibilities.
For example, the dual role of increased data and analytics will create a shift in thinking that will change many roles in retail, including LP, which will work more closely with IT departments going forward. Thus a loss prevention definition in the near future will also include an expanded, more proactive leadership role to ensure data is secured and properly managed, because data breaches cost companies in many ways beyond the immediate financial losses, to include litigation, brand protection issues, and additional sales impact.
What is the role of retail loss prevention? What may seem to be a simple question has grown increasingly more complicated as various functions, philosophies, tasks, and responsibilities are debated by the LP community, those who we serve, those who support us in meeting our goals, and those outside the Read More
The vendor-retailer relationship is complicated, time-consuming, and sometimes frustrating. But if it’s the right relationship, it can be mutually beneficial and everyone is happy—or at least minimally dissatisfied, depending on your perspective.
Vendor vs. Solution Provider
It’s intriguing when a whole group of people starts calling themselves by a different name. Why Read More
Judgment is everything for a loss prevention decision-maker. Good choices are a lot easier with good information—hence the Loss Prevention Research Council’s aim towards evidence-based loss prevention.
In earlier columns, I’ve discussed how critical it is to accurately diagnose the causes and dynamics of a problem to properly treat it using Read More
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As a busy loss prevention professional, you don’t have much time to keep tabs on industry event details. Let us help you find your next networking opportunity, retail technology expo, or training course. Take a look at the LP conferences, events and activities you’ll Read More
Tim Belka is the senior director of global security at Walgreens. Belka began his career as a US deputy marshal before joining the Central Intelligence Agency as a special agent. In his role with Walgreens, Belka leads a team responsible for the company’s Security Operations Center, executive protection, corporate campus Read More
“The pen is mightier than the sword” is a tried-and-true axiom that virtually everyone has heard applied to the world of media or, in some context or another, to the skill of writing. But how does it apply to the world of the retail store audit checklist?
Let’s take a look Read More
The loss prevention industry lost one its strongest leaders with the passing of Gary Manson on February 17 at MD Anderson Cancer Center in Houston, TX, at the age of 73. Manson retired in 2009 as vice president of loss prevention for Neiman Marcus, where he worked for 25 years. Read More
The retail loss prevention industry has seen a pronounced evolution through the years. It is very different today than in the past, and it will continue to evolve. I have been in this business for over 40 years, so I have experienced this evolution firsthand. But until writing a recent series Read More
The LPM team is privileged to have a front-row seat as observers of the loss prevention industry. One aspect of our role is to find ways to celebrate the positive contributions of the loss prevention and asset protection community. As a result, we are proud to launch the LPM Excellence Read More