There was a time, not too long ago, when asset protection professionals in retail were fondly referred to as the “guardians of the aisles.” Nowadays, the role of asset protection professionals has expanded beyond theft and fraud and is more holistically entwined with a wide variety of retail strategies and enterprises. In many ways, current asset protection professionals are jacks of all trades, and as we look towards the future, their role in retail businesses only looks to become more expansive and essential.
Several macro trends are driving the rise in the importance of asset protection professionals. According to “The Food Retailing Industry Speaks 2024“, 85 percent of food retailers surveyed report theft and fraud as the biggest negative issues affecting the food retail business in 2023. In addition, two-thirds of food retail respondents cited societal challenges in general—including lack of civility, drugs, theft, and violence—as negative.
These challenges play out in various ways at the store level. In-store associate safety (92%) is at the top of asset professionals’ minds today. When we asked asset professionals about the range of challenges they face, many expressed they experienced them more than once, including bomb threats (88%), fire (77%), flood (62%), civil unrest (58%), and hurricanes (46%).
In addition to the wider range of challenges and repetition of those challenges, asset protection professionals also face the expansion of traditional issues. For example, if we look at shrink or loss, which is not a new issue for food retailers, survey respondents report that this issue has expanded and is now seen as a major concern in nearly every grocery store department, from point of sale/self-checkout to produce.
The range of direct responsibilities among asset protection professionals is also extensive. All food retail asset protection professionals report being responsible for security (100%), but many also hold direct responsibility for shrink (96%), people safety (88%), business continuity (54%), compliance (46%), and distribution (46%). Asset protection professionals also wear many different hats as planners, project managers, analysts, and more as they report to operations (50%), C-suite (31%), legal (8%), and finance departments (8%), further enhancing their robust skill sets.
Fortunately, most food retail asset protection professionals (80%) report having plans in place to address a wide range of challenges, including robberies, shoplifting, emergency preparedness, active assailant, in-store associate safety, and other challenges. Technology investments also support asset protection professionals in challenges such as shoplifting, organized retail crime (ORC), enhanced measurement, and strategy development.
To get a clearer picture of a day in the life of a food retail asset protection professional, consider if you were an asset protection professional for a southern grocery store chain this fall. In the span of two weeks, you may have faced two hurricanes, historic flooding, catastrophic property damage, and associate safety concerns, all compounded by a US ports strike. The breadth and depth of challenges facing today’s asset protection professionals cannot be understated. These “jacks of all trades” need a Swiss Army knife of tools that includes industry practices, resources, collaboration, technology, and partnership to get ahead of these issues.
i3 International, hosts of Innovision known for their integrated AI solutions that enhance safety, security, and operational efficiency, and FMI have formed a strategic alliance of their signature events for the asset protection community at FMI’s 2025 Asset Protection and Grocery Resilience Conference in St. Louis. This partnership marks the merging of two prominent events into a single, comprehensive conference under the FMI brand with combined professional impact.
This powerful partnership aims to support today’s asset protection professionals and help shape the field’s future through advocacy, education, and collaboration. By building a strong asset protection community, fostering cooperation, best practice sharing, technology development, and best-in-class leadership we can ensure asset protection professionals in retail are ready for any situation that comes their way.
Asset protection professionals will be the first to tell you the future isn’t clear, but they’ll also be the most prepared when it arrives. Our goal is to help asset protection professionals be prepared for whatever is on the horizon. We look forward to you joining us at the Asset Protection and Grocery Resilience Conference, March 31 – April 3, 2025. Learn more at FMI.org/apgr and be a part of the future of retail asset protection professionals.