New Tool to Help Loss Prevention Teams Promote “Whole Business” Approach to Risk Mitigation
The 2023 Fortress Store report documented the significant risk and loss problems retailers were facing in their most at risk stores and introduced seven strategies for risk mitigation.
In this new report, we introduce a tool that can help retailers adopt a more holistic approach to reducing criminal activity in their most at-risk stores by engaging those in other functions.
The report and the tool encourages cross-functional teams, for example, commercial, store design, marketing, human resources, format development, operations, etc, to score their own business against each of the seven criteria. A process can then set up the need for and formulation of a cross functional company-wide plan and action list for the most vulnerable stores.
Prior to the launch of this tool, there has been extensive testing from retailers with positive feedback. For example. one UK retailer who tested the tool said, “We used the benchmarking exercise across different business functions. It was great to see where we are all aligned and highlight the areas that we need to focus on in the coming year.”
Another retailer, operating in USA, who also tested the tool said, “There are many advantages to bringing different points of view together. A good time to use the benchmarking tool would be just before goal-setting for the year so you can leverage results to help prioritize areas to focus on.”
The ambition of the tool is to shift the dial from ‘problem’ to ‘solution’, encouraging retailers to adopt a ‘whole of business’ solution using the benchmarking tool explicitly to seek out different perspectives from all parts of the business, , which in turn can then lead to more creative solutions.
Through the set of 28 questions, and by asking questions around awareness and acceptance, the self-assessment tool can identify areas of alignment and then help retailers generate actions.”
In this short video, Professor Emmeline Taylor shares the ambition she has for the tool, how it can be used and the likely outcomes. Feedback will always be welcomed.
