One respondent said: “I am really not surprised that this question is even asked. That network has been in place for at least 30 years.” 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.
Through relationships cultivated over the years and a dedicated focus on excellence, Kris Vece has earned a reputation as an outstanding partner and industry expert. Read More
Fred Mullen began his career as a security officer for Marshalls distribution center in 1978, forging his own career path and taking on positions with increasing responsibility ever since. Read More
What does it really take to influence change? The starting point almost always begins with determining whether or not there is a need for change; something that stands in the way of progress.
This may seem like a simple and somewhat obvious response, but that’s not always the case. Sometimes there Read More
Sticky myths and slippery truths: these five fallacies can derail a good loss prevention strategy. Read More
In many professional fields, such as legal, technology, and finance, one can expect to find commonalities among the practitioners. These professionals share certain certifications or degrees, or they’ve progressed through a series of common steps or training regimens to reach their current position, where they share a fairly standard reporting Read More
Bob MacLea, one of the retail industry’s longest-tenured and most-respected loss prevention executives, lost his battle with cancer last Thursday, March 1. Beginning his career as a security officer in 1975 with Marshalls Department Stores, MacLea steadily rose through the TJX corporation, ultimately retiring as senior vice president of loss Read More
Cheryl Blake, VP of business development for Verisk Retail, Johnny Custer, chief implementation officer for Spark Resultants, and Claudia Tuttle, marketing manager for Accuride International, share their thoughts on what it takes to be a true solution provider. Read More
Whoa, what’s that?! No way. That’s a reaction we want from would-be offenders when thinking about initiating a crime attempt on our property.
We’re often told to adjust, adapt, and overcome as we grow up. Life comes at us fast and from a lot of angles. So part of our hardwiring Read More
Taking a closer look at our top story from the past week, “Store Clerk Charged after Shooting Theft Suspect,” a store clerk has found himself sitting in jail after turning the tables on a theft suspect in north Nashville, TN. According to police, 44-year-old Jerry Smith, Jr. walked into the Read More