What Every Retail Brand Ought to Know About Loss Prevention–Part Ten
What Every Retail Brand Ought to Know About Loss Prevention–Part Ten Shoplifting Prevention Even though in many retail arenas shoplifting is considered another word for shrinkage, we are of the conviction that if retail price brands focus on the other aspects of their shrinkage, they can easily influence the effect of shoplifting in their stores. […]
Read More
What Every Retail Brand Ought to Know About Loss Prevention–Part Nine
What Every Retail Brand Ought to Know About Loss Prevention–Part Nine Non-Perishable Shrinkage Non- perishable goods such as groceries, health & beauty and general merchandise, on average, make up about 60% of a store’s sales. Damage, theft and accidents are the most notable cause of non-perishable shrinkage. Non-perishable shrinkage can be classified as: Known Shrinkage […]
Read More
What Every Retail Brand Ought to Know About Loss Prevention–Part Eight
What Every Retail Brand Ought to Know About Loss Prevention–Part Eight Perishable Shrinkage It is the retail perishable department which distinguishes one supermarket from another. Product availability, freshness and quality all contribute to the competitive edge one supermarket has over another. It is estimated that customers will spend 8% of their grocery outgoings in a […]
Read More
What Every Retail Brand Ought to Know About Loss Prevention–Part Seven
What Every Retail Brand Ought to Know About Loss Prevention–Part Seven Retail Receiving Receiving shrinkage accounts for an estimated 10% of their shrinkage, which is an average supermarket amounts to over £30,000. Supplier fraud and employee theft is responsible for the vast majority of receiving shrinkage. The receiver plays a vital role in any retail […]
Read More
What Every Retail Brand Ought to Know About Loss Prevention–Part Six
Retail Employee Error Employee errors in pricing, accounting and receiving accounts for approximately 18% of retail shrinkage. This equates to £30,000 in losses to an average supermarket or store and almost £80,000 in losses to a superstore. This means that a store or supermarket that operates a 1% net profit will need to make an […]
Read More
What Every Retail Brand Ought to Know About Loss Prevention–Part Five
Shoplifting Prevention When I worked as a store detective, I was assigned to a store in London Colney. Upon arrival at the store, I noticed coats that were worth £250 displayed right at the entrance. I went to the manager and expressed my concern to him. I jokingly remarked that even George Tenant, the then […]
Read More
What Every Retail Brand Ought to Know About Loss Prevention–Part Four
Employee theft is the second highest reason for retail shrinkage globally expect in the US, Canada and Australia where it is the biggest reason for retail shrinkage. There are various forms of employee theft, which can be easily detected through different signs and indications. Preventing retail employee theft has become challenging for many retail brands […]
Read More