Shrinking Losses

After a tough economic year, most retailers could use an extra $31 billion in their pockets. Coincidentally, that is exactly how much money US retailers lost in inventory shrinkage - a combination of employee theft, shoplifting, vendor fraud and administrative error - in 2002. The number for 2003 is...

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Bibliographic Details
Published inChain Store Age Vol. 80; no. 4; p. 24
Main Author Mullin, Tracy
Format Trade Publication Article
LanguageEnglish
Published Chicago EnsembleIQ 01.04.2004
Subjects
Associations
Conferences
Crime prevention
Employee theft
Inventory
Loss control
Organized crime
Radio frequency identification
Retail stores
Security management
Shoplifting
Shrinkage
United States > US
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Summary:After a tough economic year, most retailers could use an extra $31 billion in their pockets. Coincidentally, that is exactly how much money US retailers lost in inventory shrinkage - a combination of employee theft, shoplifting, vendor fraud and administrative error - in 2002. The number for 2003 is likely to be even worse. At the National Retail Federation (NRF), we are committed to working with loss-prevention professionals at all levels through education, advocacy, networking and research. More than a thousand retail LP, internal-audit and risk-management professionals work together each year through various NRF committees to build a strong, extensive community dedicated to dealing with pressing issues. This community is striving to build industry response and find new methods to narrow the growing margin of loss.
ISSN:1087-0601
2329-1494