Shrink, comprised of shoplifting, employee or supplier fraud, and administrative errors, rose in the U.S. from 1.28 percent of sales in 2013-2014 to 1.97 percent during 2014-2015.
When it comes to the organized crime gangs that wreak havoc on retail stores, inventory and the bottom line, retailers are getting more aggressive in their efforts to fight the problem.
There are many methods, programs and systems to track your assets and prevent loss, however one of the most important and overlooked practices is a well-structured exit interview.
A new study from NRF PROTECT finds that retailers lose billions of dollars to shoplifting, employee and vendor theft and administrative error – collectively known as inventory shrink.
Shrink, comprised of shoplifting, employee or supplier fraud and administrative errors, cost the global retail industry more than $128 billion last year, $42 billion in the US alone, according to the latest Global Retail Theft Barometer.
The Loss Prevention Foundation (LPF) awarded 12 American Military University (AMU) students scholarships designed to benefit veterans enrolled in AMU programs related to retail loss prevention and asset protection.
Almost 1.2 million shoplifters and dishonest employees were apprehended in 2013 by just 23 large retailers who recovered over $199 million from the thieves.
