In his bestselling book, The 7 Habits of Highly Effective People, Stephen Covey presented a holistic, principle-based approach for solving personal and professional problems. This got the ECR team thinking, what if for “highly effective people,” we read “low-inventory shrink retailers”? What then would be the habits of low- shrink Read More
Tag: the shrinkage
Each year, loss prevention directors are evaluated based at least in part on retail shrink results. At a minimum, poor retail shrink numbers negatively affect bonuses and department morale. At times, unacceptable results may even lead to dismissal.
Forward-thinking LP professionals, like golfers in search of the key that will elevate Read More
In the generally unyielding area of retail loss prevention, few US corporations have been highly successful in staunching the pervasive problem of inventory shrinkage—the problem that refuses to go away. This post highlights nine key shrinkage control approaches that could potentially save US retailing billions each year.
For retail loss prevention practitioners across Read More
When I was a doctoral graduate student at the University of Minnesota during the late 1970s, I began conducting research on employee theft. At the time this was an area of criminology that was virtually unexplored. I found that it was hard to study this subject then, since few retailers Read More
By Nick Arenas
Restaurant employees can hurt profitability in a variety of different ways. Rarely is restaurant theft as simple as taking money from the cash register. Given that restaurants operate on incredibly narrow margins, it is important to identify and reduce the opportunities for employee theft. Here are five common ways in which Read More
You are driving to work as a supermarket supply-chain manager. The hot weekend weather has continued, it’s a lovely Monday morning, yet you’re surprised when your boss calls so early. Agitated, he shares how he just discovered from the CEO that all stores were reporting a massive sales loss because Read More
In Part 1 of this article series , we looked back at the beginning of this story in 1994, when The Home Depot executed the first contracts for EAS labels affixed directly by manufacturers in their packaging, rather than by in-store labor.
At that time, there were three companies jockeying for control 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
By Jack Trlica
EDITOR’S NOTE: James “Jim” Lee, LPC, is the executive editor and cofounder of LP Magazine. Lee has over thirty years of practical experience as a retail security and loss prevention executive, including senior positions with Montgomery Ward, Lazarus, The Broadway, and Marshalls. He is also cofounder of Contact, Inc., a Read More