Tag: inventory theory
How Well Do You Know These Essential Inventory Control Techniques?
From an LP perspective, a strong understanding of how retail inventory is managed is crucial to resolving shrink-related issues. One basic but important component is knowing the inventory control techniques and accounting methods used by your company. The two most common are the “retail” method and the “cost” method of accounting.
What Does a Loss Prevention Associate Do?
Contemporary loss prevention professionals still maintain responsibility for retail security. But they also must handle employee theft issues, data protection, safety and risk management, inventory audits, legal compliance, and matters related to organized retail crime and fraud.
Beyond the Usual Inventory Shrinkage Definition: Total Retail Loss
There is little consensus on what constitutes “loss” within the retail world nor how it should be measured. The terms “shrinkage” and “shortage” have been loosely applied to encapsulate some of the areas that generate loss, but they are not terms enjoying a clear and agreed-upon definition across the sector.
Shedding Light on Retail Theft Statistics
The NRSS indicates that shoplifting accounted for 35.7 percent of the reported shrink in 2017, which is down from 39.3 percent in 2016.
Restaurant Theft: The 5 Most Common Methods
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 dishonest employees steal from restaurant owners and customers.
How to Define Loss Prevention
“So, what do you do?” This is common question that for some loss prevention professionals presents a perplexing set of thoughts. “How do I adequately satisfy the inquirer’s request, without overcomplicating the dialogue?”
Considering an EAS Hard Tag Merchandise Protection Strategy
When looking to protect their merchandise, retailers can choose from a number of electronic article surveillance (EAS) hard tag options, including in-store applied hard and...
Theft Takes a Toll on Retailers’ Bottom-Line Profits, According to Jack L. Hayes International’s...
Over 438,000 shoplifters and dishonest employees were apprehended in 2016 by just 23 large retailers who recovered over $120 million from these thieves, according...
Loss Prevention Devices for High-End, Interactive Consumer Electronics
For retailers of high-end consumer electronics such as smartphones, tablets, e-readers, drones, digital cameras, and fitness watches, the customer’s retail experience can be just...
9 Necessary Practices for Successful Shrinkage Control
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...