Drive employee engagement to lower loss

 

It’s well established that engaged employees perform better. In retail, the impact of an employee who’s invested in their work is easy to see – it results in greater productivity, more customer satisfaction and a better bottom line.

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Ask the Retail Experts: Better LP investigations and tighter policies

 

Dear Experts,

A former Chipotle employee was just awarded $8 million after she was accused of stealing $636. How can I protect my company from this kind of situation?

— Regional Director, Audit

 

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NRF Protect 2018: What to look for

 

When I go to NRF Protect, I’m always struck by the wide swath of challenges LP professionals face each day. From ORC to data breaches to inventory shrink to cash loss – there’s a lot on your plate.

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In retail, options are mandatory

 

If you know anything as a retailer, it’s that shoppers want what they want when they want it. We want to shop from our couches at 11 p.m., or we want to drop into a store and have an experience; we want to get things delivered, or we want to pick them up the same day. We want every option so we can create the experience we want and need in the moment.

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5 lessons retailers can learn from ’80s movies

 

If you grew up in the 80s like I did, you’ve seen some great movies. While some of them might fall into the “so bad they’re good” category, most 80s movies seemed to carry with them an important life lesson, many of which translate to the retail industry. So find your scrunchie, pop that collar and reminisce!

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Ask the Retail Experts: Managing self-checkouts

 

Dear Experts:

My company implemented self-checkouts a few years ago. Customers seem to love them, but they’re a challenge to properly manage. Any tips?

— Director, Store Operations

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3 ways to tackle retail compliance issues

 

An excerpt from Bad Stores and How to Fix Them

 

Lack of compliance with currency management procedures is a natural consequence of the industry’s high turnover — if staff is always changing, procedures get sloppy. But even without an ever-changing team, procedures and the ability to govern how and when they’re executed can suffer without the proper tools.

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What do bank branch closures mean for retail?

 

As more and more of us take care of our banking needs online or on mobile devices, the need to go in to a local bank branch and see a friendly face is fading fast. In the first half of 2017, more than 1,700 bank branches closed their doors, and the second half of the year continued the downward trend.


The decrease in branches raises two interesting issues for retailers:

  • How could this change individual stores’ deposit procedures?
  • Should you offer cash back to meet customers’ cash needs, and if so, how do you manage each store’s cash on hand?
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Teamwork: the most important ingredient

 

What does it take to create a great retail software platform? Even greater teamwork.

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Are your stores staffed for online fulfillment and returns?

 

To say retail scheduling is a headache is an understatement. In my retail days, we had a fairly sophisticated system for scheduling that took into account stocking time, previous months sales trends, previous year same week trends, holiday lift, week of the month, average sales per customer, customer count trend, time to transition to or from holidays, and much, much more. But in the end it’s at best 90 percent science — the rest is instinct, a little bit of luck, and looking for opportunities in unexpected places.

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