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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.
One benefit of implementing the new surveillance system was how it eliminated “blind spots” within stores, such as inside a walk-in beer cooler, which made it easy to prevent theft and catch thieves, according to Harrison.
Not every loss prevention tool fits the needs and budget of every retailer. However, a combination of tactics makes an impact and reduces a store's shrinkage.
After a long career in loss prevention, including twenty-six years at Best Buy, Paul Stone, CFE, LPC, is now experiencing unparalleled results. Tempted out...
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 they had sold out of strawberries.
Am I sure that he is attempting to steal this merchandise? "Yes, I am sure."
One question I have been asked frequently is, “How did you know how to battle retail shrink in the grocery business, especially considering your...
While many things about this family-owned business have changed since its founding in 1973, the need to keep a close eye on each location’s inventory hasn’t.
Data is the future of the loss prevention and asset protection industry. A single, data-friendly LP professional can both identify and address leading indicators...