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Huge congrats to these LP professionals on their recent career moves.
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.
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.
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.
Organized retail crime methods are a part of the retail marketplace, and they operate under the same basic principles as retailers. There is an opportunity to make a profit by supplying a demand, so various ORC players take it upon themselves to become the suppliers.
Whatever your core values are, the old truism remains accurate: employees don’t turn to statements on the company website to look for clues on how to behave; they look to each other.
LP names you need to know this month!
Implementing targeted theft-deterrent strategies depends on consistent record-keeping, organization, and pattern recognition. A data-driven incident management process is the only way to keep pace with an extremely adaptable foe.
LP pride! Check out the 26 individuals who are making big industry moves this month.
As the industry transitions from bricks and mortar to “bricks and clicks,” the capabilities of existing systems are being stretched thin, and many retailers have not fully integrated the new technology required to manage loss and reduce shrinkage effectively in an omni-channel world.