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In the retail industry, the word shrinkage (or shrink) is used to refer to merchandise often lost by shoplifting. The term five-finger discount is an euphemism for shoplifting, humorously referencing stolen items taken "at no cost" with the five fingers. The first documented shoplifting started to take place in 16th century London. By the early ...
Retail loss prevention (also known as retail asset protection) is a set of practices employed by retail companies to preserve profit. [1] Loss prevention is mainly found within the retail sector but also can be found within other business environments. Retail loss prevention is geared towards the elimination of preventable loss. [2]
“Retail theft” means the taking possession of or carrying away of merchandise, property, money, or negotiable documents; altering or removing a label, universal product code, or price tag ...
Return fraud is the act of defrauding a retail store by means of the return process.There are various ways in which this crime is committed. For example, the offender may return stolen merchandise to secure cash, steal receipts or receipt tape to enable a falsified return, or use somebody else's receipt to try to return an item picked up from a store shelf.
The analysts noted that overall shrink — merchandise losses due to external and internal theft, damaged products, inventory mismanagement and other errors — makes up just 1.5% to 2% of ...
The scale of merchandise theft, Kubrin added, is sometimes overblown by a retail industry happy to pin its problems, which include market forces such as inflation and a shift to online shopping ...
However, the National Retail Federation (NRF) said that same month that the effect of theft on retailers’ bottom lines was about the same as in previous years, with total retail shrinkage at $112 billion in 2022 (1.55% of sales), up from $93.9 billion (1.44% of sales) in 2021. External theft, including organized retail crime, represented 36% ...
Inventory shrinkage — the loss of items to retail theft, organized ... Target CFO Michael Fiddelke said the disappearance of merchandise caused a $400 million hit to the retailer's gross profit ...