In a retail environment “shrink”, simply defined, is the difference between what we think we have on hand, and what we actually have on hand.
The pressure to impart loss prevention training is the most significant barrier in ensuring effective loss prevention at stores and other retail channels.Total Cap on Store Fraud
A Merchant Guide to Real Time Loss Prevention,
Aberdeen Group, December, 2007
According to the University of Florida’s 2007 National Retail Security Survey, retail shrinkage averages 1.44% of net sales, or $34.8 billion per year for the retail industry. Employees, who are the lifeblood of any organization, represent the most significant source of loss in retail.
The four major causes of shrink are: internal theft, external theft, vendor fraud and error. All of them are either driven, or directly impacted, by employee behavior. Aberdeen’s Loss Prevention Benchmark Report shows that training is the most effective way to establish successful loss prevention practices at the store level.
Protiviti’s loss prevention consultative practice is made up of leading thinkers in the field of loss prevention. They are former senior LP executives with decades of expertise and a deep understanding of the issues which challenge today’s retailers.
Creative Options can fashion that content expertise into engaging communications and training initiatives which can be used to shape attitudes and behaviors associated with shortage control, loss prevention and asset protection.
