Supermarket and retail shrink is a battle that may never truly end, but is increasingly being better handled by companies investing themselves in finding new ways to reduce it.
We’ve covered some of the specific tools and strategies supermarkets and retailers are using to win the war on shrink, but this time, we thought we’d step back to consider how leaders can power their shrink elimination efforts by making it a core pillar of their company culture.
57% of major retailers reported an increase in company shrink in 2016, according to a recently-released Jack L. Hayes International, Inc. survey. The survey, which featured data from 26 major retailers, highlighted theft as a major cause of shrink among retailers. Results of the survey showed 26 major retailers lost $3.4 billion due to theft last…
The term planogram is nothing new to any retailer. It refers to a set plan of where products should be placed throughout the store. Much planning goes into the development of these plan to ensure complimentary products are placed close to one another, product assortment is optimized for sales, and more. Even with such detailed planning, it is fairly common to see stores vary slightly or even greatly from their planogram. Two primary causes of this deviation being face overs and stuffing.
Roughly 33 percent of the food produced in the world never reaches the mouths for which it was intended. Wealthy individuals waste more than they consume and even more, food spoils during transport. Roughly $1 trillion worth of food is annually tossed needlessly aside—causing a burden on the environment. This fact is even more morally disturbing considering the over 800 million people who go to bed hungry each day and the thousands who die because of hunger.
For fans of protecting the environment, composting organic waste and foodstuff should be common practice. Both inexpensive and convenient, composting can significantly reduce local disposal costs while enriching the soil for future food growth. Composting is a win-win situation for environmentalists and city dumps. For those unaware of the benefits of composting, let’s explore four key reasons many are doing it.
The never-ending goal of ending world hunger starts with caring about the exorbitant food waste that is prevalent across the globe. One way that corporations and manufacturers could assist the many US food banks currently suffering from shortages of food donations would be to loosen restrictions on donating unsold food items.
Loss prevention is a huge part of retail. Regardless of size and the amount of shrink, controlling loss of products impacts retail as a whole.