Recently, from the LPRC Impact Conference in Gainesville Florida, the Loss Prevention Research Council (LPRC) in partnership with the Retail Industry Leaders Association (RILA) and Checkpoint Systems Inc., announced that they are moving forward with phase 2 of a ground-breaking research initiative to develop improved, measurable models to explain and predict factors affecting retail shrink at the store level.
Designed to provide powerful decision-making data for retailers, this predictive modeling project involves research scientists working with asset protection and loss prevention professionals.
"This quantitative model project will be an important fact-based resource for all retailers," said Read Hayes, PhD, and CPP for LPRC. "It will be updated annually, documenting trends in shrink, and factors that may influence shrink over time, helping retailers to get a better handle on what is driving their shrink and where they can make improvements."
Retailers across several retail segments are involved in the project.
Researchers will examine information from approximately 225 stores per retail chain and present the findings through the Retail Crime and Loss Control Report 2011, projected to debut in early 2011.
"We are proud to sponsor the predictive modeling project, as we see the conclusions as a great way for our customers, the retailers, to better use their resources and focus on those tools that give them a better opportunity to grow profitably", said Steve Sell, vice president of global marketing for Checkpoint Systems.
"Retailers have long scrutinized the root factors causing shrink," said Lisa LaBruno, RILA's vice president of loss prevention and legal affairs. "LPRC and their expert research team have designed a study that will zero in on where retailers need to concentrate their efforts and resources and how retailers can mitigate the primary causes of shrink."
The Loss Prevention Research Council (LPRC) uses fact-based research to develop crime and loss control solutions that improve the performance of its members and the industry.With over 55 current members, the LPRC was founded in 2001 by leading retailers in an effort to support the fact-based needs of the Loss Prevention industry. To date, the LPRC has conducted over 50 real-world loss prevention research projects for retailers.
About Checkpoint Systems Inc.
Checkpoint Systems Inc. is a global leader in shrink management, merchandise visibility and apparel labeling solutions. Checkpoint enables retailers and their suppliers to reduce shrink, improve shelf availability and leverage real-time data to achieve operational excellence. Checkpoint solutions are built upon 40 years of RF technology expertise, diverse shrink management offerings, a broad portfolio of apparel labeling solutions, market-leading RFID applications, innovative high-theft solutions and its Web-based Check-Net data management platform.
RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.
SOURCE: Retail Industry Leaders Association (RILA) and Checkpoint Systems Inc