Reducing Retail Shrinkage Really Pays Off
Written by: Eric Robson, Director Technical Business Development, EMEA
The annual bill for UK retail crime soared to £613m last year – the highest level since records began. Why am I stating this you ask?
Well, over the weekend my wife decided some retail therapy was in order, so down we went to a major city center shopping area. During the course of perusing various pieces of merchandise in some popular high street shops I noticed a strange occurrence on three separate occasions. Some shoppers exited the shop through the very expensive tag sensors setting off the alarms. These were positioned near the tills at the exit. I looked around at the sound of the alarms but none of the shop workers on the tills batted an eyelid. Security staff will be on to it I thought, but no sign of them. In fact there were no security staff in evidence at all. Security cameras? In two of the shops none were evident. Now I am not suggesting that the people walking through the sensors were shoplifters, it was most probably a tag mistakenly left on, we have all experienced that, but the lack of any response whatsoever was shocking considering the statistic I began this article with.
How long will the customers put up with rising costs due to the intransigent attitude of these high street retailers? How long can a business endure such ‘shrinkage’? Is it the retailers policy to ignore the warnings given by expensive equipment? Or is it lack of effective training of management and staff?
The point I’m making is that businesses should take the time to assess their readiness for their specific known risks. ‘Shrinkage’ is a known risk where, in these cases, they have all the gear but no idea. This is where the new Ci6 EMERGENCY MANAGEMENT ENGINEERING Methodology helps immensely.
Most crises are not sudden, unexpected events. In fact the Institute for Crisis Management has shown that more than half are what they call ‘smouldering crises’ – where the organization could have and should have taken action in advance. Combine this with high risk known crises that the company is exposed to, it becomes clear that one can and should prepare for and act quickly upon the obvious, industry-specific risks such as shrinkage. Stock being stolen can be a symptom of other, more crucial, issues such as poor planning and training.
I highly recommend every business or organization should look in the mirror and then ask “are we really prepared or are we keeping our fingers crossed every time something goes wrong?” Remember, honesty is the key and the only person you fool is the person you see in the mirror.
For more information on Ci6 EMERGENCY MANAGEMENT ENGINEERING Methodology and Tool Box sets, please visit our website.
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