In 2017, the Loss Prevention Research Council (LPRC) worked together with retailer and solution provider members to complete 31 research projects and publish 31 full reports. These projects took place in eight working groups with monthly calls, along with three innovation chains. Projects and groups are sorted based on common 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.
Loss Prevention Industry Leader Gary Manson Remembered by Colleagues
Retired Neiman Marcus executive dies at age 73.
By Jack Trlica
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 Read More
In recent years, senior loss prevention executives throughout retail have had to come to grips with a different type of promotional sale events—the all-too-frequent store-closing sale.
It is no longer a rarity that LP managers are called upon to design and implement shrink-control programs that protect inventories throughout the process of closing a retail store. Read More
December 5, 2017 | David Speights, Ph.D., Daniel Downs, Ph.D., and Adi Raz, DBA | Loss Prevention
Last month, the first book on analytics for loss prevention was released, Essentials of Modeling and Analytics: Retail Risk Management and Asset Protection. The book explores the relationship between criminology theory, analytics and loss prevention. In a series of articles for LP Magazine, the authors will highlight a few thought-provoking Read More
Excellence in Partnerships
Curt Crum, CID, Special Services Manager: Evidence, Forensics, and Victim Services; Organized Retail Crime, Boise (ID) Police Department
“I’ve had the great fortune to work in proactive, problem-solving positions most of my career,” said Crum, who also serves as board president for the Coalition of Law Enforcement and Retail Read More
Excellence in Partnerships
Steve Hyle, Vice President, Director of National Accounts, AFA Protective Systems
“It was during my tenure in retail loss prevention that I discovered my passion for finding solutions to promote sales and better protect assets and people,” said Hyle. “During my retail career, I was truly fortunate to work Read More
Joe, a would-be thief, couldn’t believe his luck. Here was a store willing to hand him a brand-new, state-of-the-art smartphone with no credit check and a few dollars down. And just two doors away was another retail store—this one advertising that it paid top dollar for smartphones.
The criminal wheels in 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
Australia is famously referred to in a Men at Work song as the “land down under, where women glow and men plunder,” which according to experts was a reference to the country’s mining industry and the exploitation of natural resources from this vast, mineral-rich country. However, another reading of the Read More