3 ways to maximize your LP budget

NRF Retail Converge: Directors of loss prevention on making the most of limited resources

What do you do when you’re handling loss prevention — and there's plenty to be done but no budget to speak of? As loss prevention teams have gotten smaller, LP directors shared how to make the most out of your team and resources during NRF Retail Converge.

One tool to harness is technology — and making LP connect with departments across your organization.

“Find ways to make your department needed and be sought out for help and advice,” said Chris Logel, loss prevention divisional director with Shoe Carnival Inc.

Operations, accounting, merchandising and more have come to depend on reports from his department, Logel said.

“I remember when you had to research a transaction on the register tape with a pencil, moving down to find that one transaction,” he said. “Now I can do it in a couple of seconds. And we have shown everybody in different departments how valuable this information and data can be.”

Gap Inc. – Athleta Asset Protection Director Fernando Torres said LP efforts can get additional buy-in from a company by showing how LP serves many purposes.

“Gone are the days where we look at single use,” Torres said. “If you have things that can tie into inventory management or omnichannel, that’s where you get momentum into your needs.”

Another tool is one that people have become familiar with during the pandemic: connecting online.

“We require our teams to travel, but one of the first things that gets cut is travel,” Hot Topic Inc. Loss Prevention Director Mike Barton said. “Get your team ready to work in a virtual world to maximize their time.”

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