Even though shoplifting and employee theft accounts for more than 50 percent of retail shrinkage, the remaining 50 percent is mainly due to known loss.
This means that if retail brands decided to only focus on reducing known loss which is completely under their control, they could more than double their profit margin.
Known loss are shrinkage for which the source can be easily identified.
- Seasonal Merchandise
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About the author
Romeo Richards is an experienced retail trainer and consultant with knowledge of retail marketing, store performance and retail loss prevention.
He has the ability to choreograph the customer journey, boost store conversion and enhance in-store experience using store design and visual merchandising.
Specialises in increasing retail profit through shrinkage reduction.
He is the author of 23 retail and marketing books including:
• How to Increase Retail Sales
• How to Make Profit In Retail
• Store Design Blueprint
• Visual Merchandising Display
He is the creator of five retail home study courses.
Frequently presents webinars on shoplifting prevention and boosting retail sales.
Featured in Professional Security Magazine, Retail Week & Retail Technology Magazine