Some feel the extra precautions are necessary, however. (Bebeto Matthews/AP Photo) (ASSOCIATED PRESS) Leo Pichardo, a store associate at Gristedes supermarket, retrieves a container of Tide laundry soap from a cabinet that has been locked due to retail theft on Tuesday Jan. "That's why people are going to retail stores, they want to be around the merchandise, they want to touch it, they want to have those interactions, so it's a fine line of how do you get that great consumer experience, but how do you protect your product?" "That impacts that consumer interaction," Andrews said. Walmart CEO Doug McMillon said the company prefers to "never lock anything up" as it's bad for business and interferes with customer engagement. More retailers have locked up higher-ticket items behind plexiglass and installed cameras and other security systems, but these measures come with trade-offs. The problem is a double-edged sword for retailers and consumers alike. "So until there are things put in place to mitigate damage or to resist this current surge, there's going to be an increase in these types of activities." Locked-up merchandise 'a fine line' "They're in a position now where these types of flash robberies, these smash-and-grabs - or they've been called 'mobberies' - are very lucrative and very successful for them," Claxton said. The issue gained more attention last weekend after thieves got away with roughly $300,000 in merchandise after a "flash rob" at a Nordstrom ( JWN) in California. Claxton warned that thieves are "becoming more violent, more aggressive, more frequent with more people." Hong/AP Photo) (ASSOCIATED PRESS)Īnd "successful outcomes for the thieves" are only making matters worse, Marq Claxton, director of political affairs and public relations at the Black Law Enforcement Alliance and a former NYPD officer, told Yahoo Finance. 2, 2021, where a recent smash-and-grab robbery took place. Reducing shrinkage will help you to net more income! It is important to insure that employees understand the systems and that you have proper systems in place for recording inventory, recording the sale of inventory and managing your inventory.A security guard, right, stands at the entrance to a Nordstrom department store at the Grove mall in Los Angeles, Thursday, Dec. Review purchase orders to insure that the order was indeed placed, and the items were received and entered into inventory.Have certain employees who accept incoming shipments and verify outgoing shipments.Were the shirts in back stock or were they on the floor when they went missing? Keep an employee on the sales floor at all times if you think it may be customer theft.If this doesn’t help, you may need to tighten security a lot! If this is a one time problem, secure back stock and only give access to certain employees or install a camera in the area. Train your employees well, to insure that they know how to receive inventory, stock it, and reduce inventory through your sales system.But your count comes back and you are short ten of one of your best selling shirts! So if you are sure, after reviewing sales, recounting the shirts and checking any area that may not have been counted yet, that you are indeed short by ten shirts, what do you do next? The sale is recorded, and removed from inventory. Items are sold from your storefront or from your website. You run a small retail clothing store with an online component. Whatever the reason, it is important to get to the bottom of inventory shrinkage related issues. You can view the transcript for “4 Tips to Reduce Retail Shrinkage” (opens in new window). This could cause you to show more of one wine and less of another! This again, may be a training issue, or it might be a sign to clarify how items are entered into the sales system. Perhaps wine by the glass is being rung up incorrectly in the cash register. ![]() This situation may require monitoring, a different way to store your opened wine or could even require terminating an employee. There could also be theft going on, either employee theft or customer theft. There might be a bartender pouring more than a standard glass for each serving. Well, in the case of a wine issue, it could be several things. You can view the transcript for “What is Shrinkage in Retail?” (opens in new window). What might the reasons be for such a discrepancy? What is inventory shrinkage? You had noticed some issues with last month’s full inventory, so decided to up your checks this month. Your store takes a full monthly inventory, with periodic audits of the quantities. Explain strategies to reduce inventory shrinkageĪ routine check of your wine inventory is showing a discrepancy.
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