You'll need to make various preparations when operating a retail business of any size. This could include correctly staffing the store, accurately managing inventory, and preventing theft. All those pieces are necessary to help turn a profit for your business. That's where loss prevention and retail asset protection strategies come into play. The goal of [...]
It's common to hear the terms loss prevention and asset protection in retail stores, supermarkets, and pharmacies. Now you might be wondering what's the difference between the two words, loss prevention vs. asset protection, and when you should implement a strategy in your business. Loss Prevention vs. Asset Protection: Definitions & Goals Those two words [...]
Traditional asset protection usually involves hiring a security guard to monitor the store or securing merchandise in glass cases or behind the counter. While those methods might have worked for that time, with the continual growth in technology for both retailers (and thieves), it's time to increase protection. Continue reading to learn more about asset [...]
The retail industry has continued to grow and adapt to numerous changes over the years. So, it makes sense that product protection should evolve and adapt to those changes too. In the early days of the retail industry, store security's main focus was preventing theft from shoplifters. Then loss prevention evolved from security as a [...]
According to the National Retail Federation (NRF) Security Survey 2020, “Shrink is at an all-time high, accounting for 1.62% of a retailer’s bottom line — costing the industry $61.7 billion. It cuts deeply across the industry too, with seven in 10 reporting a shrink rate that exceeds 1%.” That number has continued to rise since [...]
Developing and maintaining a loss prevention strategy is an ongoing process for any business professional (whether you’re the business owner, finance, merchandising, or loss prevention professional). You will need to adapt to a constantly changing retail environment and make loss prevention changes as necessary. Begin by understanding the company’s needs and goals. This will [...]
Developing and maintaining an effective loss prevention strategy will help to reduce theft and retail shrinkage while improving your bottom line. To ensure a successful loss prevention program, make sure to incorporate the five rules of loss prevention into your strategy. The five rules include loss prevention policies, protecting high theft products, product protection devices, [...]
As the loss prevention (LP) and asset protection (AP) industry continue to change, it's essential to stay up-to-date with what's going on. Whether you are the business owner, finance, operations, merchandising, or LP/AP professional, we can help find a solution that fits your goals and budget. At Product Protection Solutions (PPS), we work with our [...]
The Product Protection Solution's (PPS) TotalLP app’s design improves loss prevention (LP) and asset protection professional's lives and will make your job easier. The app will keep you informed and up-to-date on shoplifting trends, decrease your retail shrinkage, help to reduce employee lost time, and more! 4 Ways to Make Your LP Job Easier With [...]
