Profit Protection Future Forum: Total Retail Loss conference supports Australian retail industry with over 150 retail executives in attendance

For immediate release Wednesday 23 May 2018 – Over 150 like-minded retail loss prevention individuals came together to discuss current issues with Australasian retail shrinkage at The Profit Protection Future Forum: Total Retail Loss conferences on Tuesday 15 May in Melbourne and Thursday 17 May in Sydney.

The workshops were led by Professor Adrian Beck, who brought to Australia over 28 years of specialisation in retail loss prevention. Professor Beck presented findings based on his Total Retail Loss concept and trends in global loss prevention, presenting a case study from three European grocers that netted a total loss of 35 billion euros. In that total amount, 53% was attributed to wastage and 25% to lost profits from out of stocks, and 22% to theft. By practising the Total Retail Loss methodology, the grocers experienced a 17% uplift in profit.

Professor Beck also addressed the changing context of loss in retail due to the profound changes in the retail environment, specifically self-scan and mobile technologies. A 24-month study was conducted across 14 major US and European retailers in grocery, home improvement and general merchandise verticals. It was found that the increase in loss through self-scan was reported at a staggering 14%. Apart from the obvious losses through theft, self-scan technologies also heavily impact stock integrity through customers scanning items incorrectly either maliciously or through ignorance. Self-scan checkouts were also found to be vulnerable to walkaways (customers pretending to pay for an item and putting in an incorrect pin then leaving the store before being detected).

Professor Beck presented recommendations for training team members and ways to implement best practice to effectively lower shrinkage in retail. The conference wrapped up with a robust discussion from retailers who shared their challenges with loss prevention in Australasia, citing a challenging retail environment and shrinking budgets as some of the issues faced locally.

“The Profit Protection Future Forum was formed to provide a platform to facilitate and support the Australasian Retailer and Supplier community to collaborate in creating, exploring and learning effective profit enhancement strategies. The Total Retail Loss conferences specifically addressed challenges around new technologies and the changing role of loss prevention in Australia and New Zealand. The PPFF Steering Committee believes that collaboration amongst retailers is the most effective way to combat profit protection issues in our region,” said Mark Boyd, Head of Profit Protection for Next Athleisure.

For more information, visit www.profitprotection.co

Photos from the events can be found here.

About the Profit Protection Future Forum

As the ECRA Loss Prevention committee disbanded in late 2015, major retailers from the pharmacy, apparel and grocery verticals banded together to form a new group called the Profit Protection Future Forum.

In a challenging retail environment, the PPFF intends to bring together retailers and suppliers to become a steering committee to deliver through leadership for profit protection in Australasia.

The Steering Committee consists of loss prevention leaders from Next Athleisure, Forever New Clothing,  The Just Group, Chemist Warehouse Retail Group and City Facilities Management. The Profit Protection Future Forum is supported and sponsored by Checkpoint Systems.

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