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At the same time, a rigid strategy like no receipt, no returns can sour loyal customers as well as drive fraudsters toward new criminal tactics, forcing lossprevention teams to continually change strategies. New Data Highlights the Significant Challenge of Retail Returns Retail returns will always come at a cost for retailers.
How can we better integrate the latest anti-theft technologies and loss-prevention research into our store designs from the outset? The good news: Skills developed on the consumer side can be flipped around and used to fight retail crime. He can be reached at james.owens@hfa-ae.com. Maxx, Nordstrom and Walgreens.
While shrink is far from a new problem in retail, the impact of theft — particularly large-scale operations run by organized retail crime (ORC) rings — has been garnering the attention of executives at some of the country’s largest retailers, including Lowe’s , Target and Dick’s SportingGoods.
Dick’s SportingGoods also attributed part of the brand’s 23% profit drop in the second fiscal quarter of 2023 to theft ( CNBC ). Despite your efforts to hire good people, the U.S. Chamber of Commerce indicates that 75% of all employees have stolen from their employer at least once. Regularly update all applications.
Back in 2022, the message was clear — retail crime was on the rise : “There’s no two ways about it,” said Gautham Vadakkepatt, Director of the Center for Retail Transformation at the George Mason University School of Business in an interview with Retail TouchPoints. Additionally, definitions remain vague.
The panel of experts are: Nikki Baird, VP of Strategy for Aptos ; Jamie Cornelius, Executive Creative Director at ChangeUp ; Mardi Najafi, VP of Retail Strategy & Design at Figure3 ; and Melissa Gonzalez, Principal at MG2. You can add to the stickiness of a brand, but also empower others to do good.
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