Tag: tips for loss prevention officers

Understanding how to calculate shrinkage in retail is important. However, understanding why it is important to control these results and how we can impact company profitability by both improving sales and controlling retail shrinkage is the key to success.

Workplace fatigue is a condition that all of us can face and must remain aware of as we move into retail’s most active season.

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.

Understanding how to calculate shrinkage in retail is important. However, understanding why it is important to control these results and how we can impact company profitability by both improving sales and controlling retail shrinkage is the key to success.

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.

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.

Experian has noted that credit card fraud is the most common form of personal financial fraud. Statistics say that 47 percent of adults in the United States have reported being victimized by a fraudulent purchase on their credit or debit card, and that percentage is predicted to rise.

We are pleased to recognize and congratulate these industry leaders who recently obtained certification. Despite their demanding schedules, they still saw the value and took the time to obtain this industry-leading credential.

Shoplifting is often viewed by professionals and amateur thieves as a low-risk versus high-reward business. As experts have documented, many shops and stores do not do enough to dissuade the rational criminal, who scans every environment for an opportunity.

In the 1970s and 1980s, service in law enforcement was the required foundational experience for most loss prevention leaders. Today, the ability to collaborate with business partners has become the most important competency. The retail industry has begun to require more diversified LP skills.