The evolution of the loss prevention profession has required a change in the way that we approach the retail environment. First, we have come to recognize that inventory shrink is a more complicated problem than mere theft of merchandise. Shrink is a complex issue that must consider a variety of issues. Shrink Read More
Tag: inventory asset management
How to Calculate Shrinkage in Retail
Understanding how to calculate shrinkage in retail is a fundamental but critical concept within the loss prevention profession as well as throughout the retail industry. Ultimately, retail shrink directly results in lost profits, and can have a dramatic impact on the success of the retail Read More
For those of who have been in the loss prevention business for a number of years, you are surely familiar with the retail shrinkage life cycle illustrated in Figure 1. No doubt some of the businesses you have worked in have been around it a number of times.
It is a Read More
What does inventory shrinkage mean to you?
For most companies, the answer to this question would be obvious: a significant problem, and usually something that is getting worse, not better, despite unprecedented developments in technological solutions and growing loss prevention budgets.
Some retail companies across the globe are gleaming examples of how Read More
With limited resources necessitating efficiency and cost effectiveness, but standards still requiring responsiveness to customer needs, managers are asking questions about the best ways to achieve their goals in the loss prevention arena. New approaches such as systems-wide efforts or working as collaborative partners in order to identify new problems Read More
In order to effectively manage retail shrink, loss prevention strategies must be applied differently according to the specific needs of the retail model. This article focuses on applying the concepts of a target store programs in the specialty retail environment and the need to remain flexible and adaptable in our Read More
For over twenty years the industry has recognized and used the National Retail Security Survey (NRSS) as a key benchmark for retail loss prevention. This retail security research project studies numerous elements of workplace-related criminality, along with identifying successful security counter-measures to protect people, assets, and brands in the retail Read More
By Adam Paul
It’s no small feat to be in business for 100 years, much less thrive and grow, but Weis Markets has done just that. From their humble beginnings in Sunbury, Pennsylvania, Weis was founded by namesakes Harry and Sigmund Weis in 1912 as a single store. Today, Weis Markets operates 161 Read More
Here is a quick quiz—Name a multi-billion-dollar global retailer that is consistently profitable, has had only one owner in 200 years, offers attractive wages and benefits (medical/dental/life insurance/401K plan), and whose longest serving employees are reluctant to retire despite an attractive retirement package?
The answer is the Navy Exchange System. Technically, the Navy Exchange Service Command Read More
By Roger Rangel
Goodwill Industries of Southeastern Wisconsin and Metropolitan Chicago is one of the largest of more than 180 independently operating Goodwill agencies in North America in terms of annual revenue, number of programs, and the number of people in the community served. The organization currently employs over 4,245 employees working in sixty-nine program locations in twenty-three Read More