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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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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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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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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Digging into retail deposit options

 

Shoppers making in-person purchases in 2018 have more payment choices at the register than ever before. They can pay with check, debit or credit, or by scanning their phone or watch. Or they can pull out their wallets and pay with cash — and despite convenient advances in payment technology, many do.

 

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It’s official: The cost of cash is more than you think

  


Get 10 retailers in a room and ask them what their most expensive form of payment is. What do you think they’ll say? I’d wager most of them would say credit – but they’d be wrong.


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3 next-level store audit tips to optimize your retail business

 

A colleague asked me recently what I’d tell someone just starting out in retail loss prevention or audit. While much has changed since I started as a store auditor, I still see one mistake again and again – treating audits as “gotcha” moments.

 

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Can too much cash can be a bad thing?

 

Too much cash is bad? Absolutely, when it’s sitting idle in your stores. Cash is essential in a retail store, but striking the right balance of cash on hand and cash in corporate’s bank account is a never-ending challenge. If stores have too little cash, they can’t operate properly. But fear of running short often causes retailers to keep too much cash on hand, creating a costly problem — idle cash.

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