Dear MEL Topic Readers,
Best Buy’s simple strategy for beating shoplifting: More workers in stores
Most retailers stock their merchandise at their stores, and most of them are accessible to customers. Also, they tend to keep inventories in the backyard, where employees go in and out to move merchandise. Despite state-of-the-art surveillance cameras, there are chances that merchandise or inventory is stolen. In fact, retail shrink is a significant problem for retailers in the US. It is estimated that shoplifting cost $50 billion and employee theft cost over $26 billion to US retailers in 2022. As more retailers are trying to reduce manpower at their storefronts with automated services, kiosks, and self-checkouts, shrinkage increases. What are US retailers doing to cope with in-store theft? Headquartered in Minnesota, Best Buy is a consumer electronics retailer that runs 1,800 stores in the US, Canada, and Mexico with over 125,000 employees who help customers find the right electronics merchandizes for their needs. Their solution to reduce shrinkage is staffing. Indeed, people’s eyes seem as effective as or even more effective than cameras.
Read the article and learn about what shrink is like in US retailers.
https://edition.cnn.com/2023/11/24/business/best-buy-shoplifting-prevention/index.html
Best Buy’s simple strategy for beating shoplifting: More workers in stores
Most retailers stock their merchandise at their stores, and most of them are accessible to customers. Also, they tend to keep inventories in the backyard, where employees go in and out to move merchandise. Despite state-of-the-art surveillance cameras, there are chances that merchandise or inventory is stolen. In fact, retail shrink is a significant problem for retailers in the US. It is estimated that shoplifting cost $50 billion and employee theft cost over $26 billion to US retailers in 2022. As more retailers are trying to reduce manpower at their storefronts with automated services, kiosks, and self-checkouts, shrinkage increases. What are US retailers doing to cope with in-store theft? Headquartered in Minnesota, Best Buy is a consumer electronics retailer that runs 1,800 stores in the US, Canada, and Mexico with over 125,000 employees who help customers find the right electronics merchandizes for their needs. Their solution to reduce shrinkage is staffing. Indeed, people’s eyes seem as effective as or even more effective than cameras.
Read the article and learn about what shrink is like in US retailers.
https://edition.cnn.com/2023/11/24/business/best-buy-shoplifting-prevention/index.html
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