Why Loss Prevention Is Ready For Change

September 2015 Innovative Retail Technologies

By Frank Johns. Chairman Of The Board, The Loss Prevention Foundation (LPF)

Because retail is evolving and changing, so too must all departments, especially loss prevention, to positively affect profitability and growth.

The only constant in retail is change. The ability to accept change in a positive manner is what separates exceptional executives from the average ones. The LP profession is changing and evolving rapidly, and the new strategic direction involves expanding expertise from a one-dimensional to a multidimensional focus. While each retail company approaches the mission and purpose of its LP and asset protection (AP) programs based upon its own unique needs, at its core, the role of LP is to enhance the profitability of the company. Primarily, that role focuses on the reduction of shrink. LP departments should look at all of the various issues that can potentially lead to losses, devise strategies to minimize those pitfalls within the business, and implement strategies that are practical, actionable, and consistent with the goals of the business.