Store personnel that are hired for this task are known as; loss prevention agents, loss prevention officers, asset protection agents investigators and security guards.
The objective is to maximize profits through reducing retail theft, also known as shrinkage.
According to the 2006 National Retail Security Survey, retailers suffered an average annual inventory shrinkage percentage of 1.57% in 2006. According to the survey, shrink is divided into the following 4 categories;
- 46.8% from employee theft
- 31.6% from shoplifting
- 14.4% from administrative error
- 6.61% from unknown error
If you have any concerns with shrinkage, enquires relating to retail loss prevention or you are having difficulty with any of the above matters, please contact Gary Swan.
Gary Swan managing Director of Translegal Services has 25 years experience reducing shrinkage for such retail giants as Progressive Foods. In one particular case he coordinated the breaking up of a $375,000 shoplifting ring and stated; "this shoplifting ring was so organised, they were handing out invoices to the recipients of their stolen goods".
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