Retail Losses To Theft Total $35 Billion In 2005 – What You Should Do!
A detailed report is being prepared and will be published soon in my article site Steve Reports. In the meantime note that retail theft is growing twice as fast as the rate of growth in retail sales. Why? Because the Internet makes it easy to sell merchandise that has been stolen.
Immediate Action Steps:
1. Immediately train all register staff to be alert for pricing on the register that makes no sense. For example if an item that normally sells for $199.00 pops up as $19.00 a red flag should go up.
2. Sales audit needs to increase their scrutiny of selling price by sku.
3. 48% of lost merchandise is from internal theft. Minimizing internal theft starts with who you hire and how they are compensated.
More on what to do in special reports to follow.
Steve Pohlit, Business Development Consultant
