Prevention cheaper than the cure

Is Retail Loss Prevention better than cure.

These tough economic times continue hitting retailers among the hardest of businesses, forcing smaller and some large name brands to close within high streets. Theft/shoplifting or shrinkage is impacting on these stores figures, profits and losses. Losses can be reduced by either prevention or cure.

Prevention - training staff to identify potentially suspicious customers through staff training and deterring suspicious customers and potential shoplifters is more cost effective than the cure. CCTV, EAS (Electronical Article Surveillance) systems and security officers sometimes deter shoplifters, but due to the cost are usually limited to larger retail chains and stores

Cure - identifying and detaining the shoplifter, informing and waiting for the police to attend. Reviewing CCTV and providing a statement to the police. Attending court if a PND is not issued. The cost of the cure usually outweighs the cost of prevention.

Statistics compiled by the BRC (British Retail Consortium) indicate that in 2010 - 2011 the average shoplifting spree cost retailers an average of £85.00 per incident and internal theft £342.00 per incident. Whatever your thoughts on prevention or cure, something needs to be done to increase profits by reducing losses.