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Video Blog Series-LP FAQ in 2- Audit Frequency

Posted on 1/29/16 1:00 PM

LP FAQ in 2 is a new blog series by LP Innovations which answers the mostly frequently asked LP questions in about two minutes. 

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Topics: Retail, Shrink, Retail Audit, Audits, Shrink Calculation, LP FAQ in 2, Audit Frequency

Video Blog Series-LP FAQ's in 2

Posted on 11/13/15 10:15 AM

LP FAQ in 2 is a new blog series by LP Innovations which answers the mostly frequently asked LP questions in about two minutes. 

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Topics: Retail, Shrink, Shrink Calculation, LP FAQ in 2

A Shift in Crime or Flawed Perceptions?

Posted on 7/23/15 10:08 AM

A Shift in Crime or Flawed Perceptions?
The danger in guessing shrink contribution

I read this year’s National Retail Security Survey and it was nice to see such a large shift in human behavior. According to the recent survey, employee theft’s contribution to shrink substantially fell to 34%. That’s a decrease of over eleven percentage points since 2010 and a decrease of five from 2012.

Amazing…
And probably, most likely, quite…flawed.

Now don’t get me wrong, it’s not just that I have to update my sales deck that I am suspicious. Although I was immediately skeptical of the figure, I conducted some quick “back of the envelope math” to see if it made sense. I also relied on several other sources and over twenty five years of experience in coming to the conclusion that loss prevention professionals are making a big mistake if they use these opinions as reason to shift their focus away from internal theft issues.

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Topics: employee theft, ORC, Shrink, Shoplifter Theft

How Are You Calculating Your Stores Shrink?

Posted on 3/10/15 9:45 AM

“Shrink” is a common term in the retail world. It is a term for the calculations that demonstrate the loss of merchandise in relation to our total inventory sales. We say “calculations,” plural, because there is some flexibility in how it is calculated and the exact nature of the relationship between those items lost and those items sold. Most loss prevention professionals prefer to discuss shrink in terms of loss as a percentage of retail sales, while many finance professionals like speaking in terms of true “cost.” In truth, as long as the reporting method remains consistent from year to year, the three accepted methods of Shrink calculations are all created equal. 

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Topics: loss prevention, Calculating Shrink, LP 101, Shrink

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