My very first job in the UK was with Tesco, Twickenham, where I worked as a stock controller in fresh.
I then had a brief stint with WH Smith warehouse in Slough before moving to Marks & Spencer to work in the loss prevention department.
Even though Tesco was my introduction to retail, Marks & Spencer was where I learnt retailing the most.
Loss prevention is the most misunderstood function in retail.
This is because for the majority of retailers, shrinkage is synonymous with shoplifting and employee theft.
First, shrinkage is more than shoplifting.
Furthermore, there are lots of different factors responsible for retail shrinkage.
Second, loss prevention is the heart beat of any retail operation.
Simply put, loss prevention is the availability of merchandise on the shop floor.
When merchandise are available on the shop floor, it reduce missed opportunity, boost sales and increase profit.
Therefore, an effective loss prevention strategy is designed to merchandise are available when shoppers are ready to buy.
I learnt two very important lessons from my work as a loss prevention personnel with Marks & Spencer.
Lesson one: it does not matter who or what is responsible for merchandise unavailability.
When merchandise are unavailable it produce the same negative impact: loss of sales, bad customer experience and low profitability.
Lesson two, an effective loss prevention strategy is not crime focused.
It is focuses on reducing shrinkage while simultaneously increasing sales, which ultimately result in increased profit.
This is the reason when I went into retail consulting, the key question I have constantly endeavour to answer for my client is:
How can we reduce store shrinkage while simultaneously boosting sales and increasing store profit?
The business Education Center is the only retail consulting firm that adapts this approach to retail loss prevention.
Every other retail consulting firm takes the either/or approach.
It’s either they focus exclusively on retail marketing in order to increase sales or they focus exclusively on retail loss prevention.
However, our view is to increase sales without stemming profit draining activities is false economy.
Equally so, to focus exclusively on shrinkage reduction without simultaneously developing strategies for ensuring the right merchandise are on the shop floor at the right time is defecting the purpose of loss prevention.
Being aware of this fact, The Business Education Center’s is the only retail consulting firm that has developed the two-pronged strategy to increasing retail profit…
Increasing sales while simultaneously reducing profit draining activities in a bid to ultimately increase profit.
If you are a retailer who will like to increase your store profit by boosting sales and reducing shrinkage, call us now on (+44) 020 8798 0579 to set up a Free strategy session with one of our senior consultants.