So, how can the British retail sector improve its performance on shrinkage? Concentrate on proactive prevention. Evaluate and measure the problem and that will show the areas of the business suffering most.
Attacking shrinkage must become a part of a retail organisation's culture. It is vital that there are strong links between the heads of finance, store operation and IT to ensure that tackling shrinkage is a priority.
It is also vital that store managers understand the need for action. Promoting a sense of employee pride and service excellence will play a significant role in reducing shrinkage. Corporate profitability can and should go hand in hand with retail excellence.