Home Tags Retail loss
Tag: retail loss
Digital video technologies are now readily available, and they have brought significant new opportunities, not least through the development of video analytics.
Core competencies and standards of performance have been established by industry leadership and subject matter experts from across the retail loss prevention community to represent the needs and expectations of the profession.
Since its introduction in 2016, the Total Retail Loss concept has received critical acclaim across the globe, stimulated debate about what constitutes retail “loss,” and discussion about what the future role of the LP function might be. New research addressed how it has been implemented, its effectiveness, and what changes to the theory are required.
The crime of shoplifting is as old as shopping itself. The first documented cases of shoplifting took place in 16th-century London and involved groups of men called “lifters” (early organized retail crime?).
Why is it that some product protection technologies have been around and working for decades, while other retail loss prevention solutions only seem to work for a few months before offenders aren’t impressed?
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.
Above and beyond your obligations to protect company assets, reduce shortage and enhance profits, you are expected to set an ethical example for others to follow.
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.
Video-based operations audits have helped many businesses increase return on investment (ROI) and boost sales, revenues, and profit by finding theft and fraud they didn't know existed.
As loss prevention professionals in retail businesses that serve this demographic en masse (i.e. QSR, c-store, big box, etc.) know all too well, cash is still a prominent form of payment.