LOSS PREVENTION IN YOUR EYECARE BUSINESS
By Trudi Charest
Canadian retailers are losing about $ 4 billion a year to shrink , which equates to an average estimated loss of $ 10.8 million per shopping day , according to PwC ’ s 2012 Canadian Retail Security Survey , completed in conjunction with the Retail Council of Canada ( RCC ). Respondents to the survey reported shrink rates of between 0.4 % in the low range and 2.19 % at the high range of their net sales in 2011 , with an average shrink rate of 1.04 % of net sales for all respondents .
The two most important categories that contribute to shrinkage in the retail sector are internal theft and external theft . Internal theft accounts for 33.4 % of shrinkage and external theft for 43.0 % according to the report . Furthermore , optical retailers are likely suffering 3 times their share of shrinkage compared to other retailers . The average shrink rate for the optical retail sector in Canada is believed to be around 3 %. Security industry specialist Liz Martinez , author of ‘ The Retail Manager ’ s Guide to Crime and Loss Prevention ’, claims that the shrink rate in optical is most likely around 7 % and about two thirds of that comes from internal theft .
So what can the average eyecare business do to prevent losses ? Here are some tips for both internal and external theft .