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A uniformed retail loss prevention employee for Target. Known as a Target Security Specialist . Retail loss prevention (also known as retail asset protection) is a set of practices employed by retail companies to preserve profit. [1] Loss prevention is mainly found within the retail sector but also can be found within other business environments.
The prevention of this type of shrinkage is one reason for security guards, cameras and security tags. Other causes of shrinkage include: Administrative errors such as shipping errors, warehouse discrepancies, and misplaced goods; Cashier or price-check errors in the customer's favour; Damage in transit or in the store; Paperwork errors
Shrink can be the result of theft, damage, or poor record keeping, among other factors. In its second quarter report, Target's 28.9% gross profit margin beat estimates, up from 27% a year ago.
Dollar General has extra reason to protect profit margins after suffering from inventory shrink in 2023. It reported an operating profit decrease of 41.1% to $433.5 Million in its third quarter.
Suppliers and retailers have been called upon to be upfront with customers. According to Ratula Chakraborty, a professor of business management, they should be legally obliged to notify shoppers when pack sizes have been reduced. [14] In 2023 the French grocery chain Carrefour has started to warn their customers about these practises. [15] [16]
Improving inventory management can also ameliorate the problem. Walmart CEO Doug McMillon at the company's annual meeting in June said that lower inventory helps since shrink is correlated with ...
Inventory planning involves using forecasting techniques to estimate the inventory required to meet consumer demand. [ 1 ] [ 2 ] [ 3 ] The process uses data from customer demand patterns, market trends , supply patterns, and historical sales to generate a demand plan that predicts product needs over a specified period.
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