TOTAL RETAIL LOSS - Helping Retail Understand it's Profit Potential
As the pace of retail change continues to accelerate, bringing with it not only new opportunities but also new risks, understanding how to define, measure and manage these risks becomes ever more complex and important. Gone are the days when focussing upon a single measure of retail loss – the shrink number – is enough to help navigate a retail business through the risk landscape it now faces. In addition, the ongoing lack of an agreed standard definition for what the shrink number represents across different retail companies has made industry benchmarking a flawed and fallible exercise.
In order to address these issues, the Retail Industry Leaders Association has worked closely with Professor Adrian Beck from the University of Leicester in the UK to develop a new way of thinking – Total Retail Loss. This concept adopts a much more overarching and inclusive approach to understanding how retail businesses are affected by loss, covering all aspects of the organization, and based upon detailed research with retailers from around the world. Indeed, Total Retail Loss is increasingly regarded globally as the ‘Gold Standard’ for building a robust and forward-looking retail loss prevention strategy.
The Loss Prevention Foundation is therefore delighted to have the opportunity to partner with both RILA and Professor Beck to create a definitive course to not only understanding the Total Retail Loss concept, but also how to begin to develop a road map for introducing it into a retail business. This course, designed and narrated by Professor Beck, will give loss prevention practitioners the foundations for understanding the real value of adopting a Total Retail Loss approach, as well as insights into the experiences of retailers who have already adopted it.
Course Time: approximately 2 hours for the average student.
Note: You will have up to 45 days to complete this course.
Total Retail Loss is an LPF-CERTIFIED certificate course developed in collaboration by
RILA, LPM Media Group, and The Loss Prevention Foundation.
CHECK OUT THE COURSE OUTLINE HERE