How much of our shrinkage number is due to theft? How do you answer this question? Educated guess? Based on indicative feedback? Through deep data analysis? The “go to” tool to understand the answer to these questions, and move shrinkage from unknown into known shrink, is often the incident reporting tool.
As we move into a new decade of the 2020s, the magazine is looking forward to not only continuing our editorial focus on “all things asset protection” as we say in our masthead tag line, but also expanding our editorial as the scope of loss prevention and retail evolves.
“Successful business relationships are built on mutual respect and developed over time. It takes effort from both parties to maintain them. As in any relationship, trust is earned—and if you lose it, you’ll likely never get it back.”
Technology is not here to eliminate us; it’s here to make our jobs and lives easier. Retail will continue to evolve with technology. As retailers, our responsibility is to focus our efforts on improving the customer experience using the new tools at our disposal.
Sandy Kennedy, president and CEO of the Retail Industry Leaders Association (RILA), retired effective December 31, 2019. During her seventeen-year tenure, the industry has changed dramatically. Kennedy shared her thoughts with LP Magazine on the retail industry, RILA as it stands today, and the asset protection profession.
Asset protection continues to be the great unknown for many college students seeking careers. Few are aware of the diverse and rewarding careers that await in the industry. Fortunately for the LP industry, large reservoirs of quality candidates are eager to find rewarding careers. However, only a few asset protection leaders have cast their recruiting nets into these bountiful waters.
With respect to the prospect of a deadly pandemic, whether it occurs in nature or from terrorists, most scientists suggest that we are living on a major fault line. They predict a big one is coming, but there is just no telling when. Will the coronavirus be the one?
Loss prevention is a moving target. Every time a new retail strategy is put in place, such as buy online, pick up in store (BOPIS), it’s up to loss prevention professionals to devise countermeasures to combat the new theft opportunities that arise. Best Buy, Acme Markets, and Wegmans loss prevention executives give their recommendations.
Download this 34-page special report from Loss Prevention Magazine about types and frequency of violent incidents, impacts on employees and customers, effectiveness of tools and training, and much more.