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Does your loss prevention department have a data scientist on the team? Chances are, you don't, but it's not a bad idea to start thinking like one.
Students from the Retail Industry Leaders Association (RILA) Student Mentor program worked alongside the asset protection team from The Kroger Co to dig deep into the data and use predictive modeling to help make recommendations about problem areas.
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.
Whether in a booster bag, booster girdle, stroller or wearing stolen merchandise out of a store, the fitting room seems like a great place to conceal merchandise. So, what are some current methods to curb shoplifting in fitting rooms?
Los Angeles City Attorney Mike Feuer, the Los Angeles Police Department (LAPD) and ALTO US have recently announced they are teaming up to implement a retail risk management solution to battle ORC.
Can ignoring the causes of shrinkage and refocusing strictly on sales solve our inventory issues?
The three major causes that contribute to inventory shrink in any retail operation are internal theft, external theft, and operational compliance. An effective loss prevention program must focus on all three of these areas.
How can US retail shrinkage rates be so high, when the United States ranks in the top five countries in terms of investment in loss prevention technology?
To the average consumer, a loss prevention manager might once have been perceived as a “security guard”: a reactionary presence in a retail establishment whose primary responsibility is to apprehend shoplifters.