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Summary WK 3 Loss Prevention Plan.docx Sec/321 Loss Prevention Plan University of Phoenix Sec/321: Survey of Security Specializations Loss Prevention Plan Retail stores face many security challenges in today's world. It is imperative to have an efficient€7,19
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Summary WK 3 Loss Prevention Plan.docx Sec/321 Loss Prevention Plan University of Phoenix Sec/321: Survey of Security Specializations Loss Prevention Plan Retail stores face many security challenges in today's world. It is imperative to have an efficient
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WK 3 Loss Prevention P Sec/321 Loss Prevention Plan University of Phoenix Sec/321: Survey of Security Specializations Loss Prevention Plan Retail stores face many security challenges in today's world. It is imperative to have an efficient loss prevention plan to reduce the loss of company ass...
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Sec/321
Loss Prevention Plan
University of Phoenix
Sec/321: Survey of Security Specializations
Loss Prevention Plan
Retail stores face many security challenges in today's world. It is imperative to have an
efficient loss prevention plan to reduce the loss of company assets. Depending on the retail
store's size and location, it will determine the extent of loss of people, money, and merchandise.
A loss prevention plan will establish policies, procedural guidelines, and training on how to
respond to a theft occurrence; what to do prior, during, and afterward. The organization's total
commitment will contribute to a successful loss prevention plan. The goal is to prevent and
mitigate these various retail thefts and reduce the loss of company assets.
Store Overview & Various Forms of Theft
Target department stores are roughly 135,000 square feet and sell general merchandise;
appliances, apparel, jewelry, electronics, groceries, pharmaceuticals, etc. As of 2019,
Target operated 1,844 stores with 360,000 employees throughout the United States
(Macrotrends,
2021). Due to the amount of guest traffic and employees in Target stores, it causes a high risk
for retail theft, which results in retail shrinkage. Retail shrinkage reduces inventories not
accounted for through sales or other legitimate activity (Smith, Schmalleger, and Siegel, 2017).
Shrinkage can result from employee theft, shoplifting, organized retail crime, or administrative
error. Shoplifting is a person stealing merchandise and hiding it under their clothes or in their
bag. Individuals that shoplift typically have a record and are repeat offenders. Shoplifting isn't
only considered external, but internal as well with an employee. An employee can use different
tactics like skimming or fraudulent disbarments; both are taking cash without properly recording
, the merchandise's sale. Employees that steal from their employer may not be happy with their
job; it doesn't excuse the action of theft. According to Smith, Schmalleger, and Siegel (2017),
Organized retail crime is the activity of theft or fraud conducted to convert illegally obtained
merchandise, cargo, cash, or a cash equivalent into a financial gain (not personal use). These
groups organize and plot ruses to embezzle money from patrons across the country. The ORC
groups are linked with some form of terrorism, immigration, and firearm trafficking.
The
Approach
A common factor between retail stores is the cause of lost assets is due to inventory
shrinkage. According to Smith, Schmalleger, and Siegel (2017), Employee theft is the primary
cause of inventory shrinkage, 37% according to a recent U.S. survey. A combination of external
and internal theft is causing the loss. The priority is to establish a foundation of commitment,
starting with management, supervision, and security specialists. Highly qualified staff will train
their employees on policy and procedures of theft; awareness of theft, how to detect theft (what
signs
to look for), what to do when it occurs, how to document, and who to call (management and
authorities). Training will be conducted to all new employees and communicated monthly.
Security personnel will be assigned at the entrances and patrols in the lots and installed
video surveillance cameras and radio-frequency identification (RFID) tags. These devices
will discourage criminals from committing theft and also protects the safety of the
employees. Communication and collaboration are key to a successful loss prevention plan.
Prevention and Mitigation
Different motivations bring individuals to commit theft, and, in some cases, they feel they
are justified. Changing the root cause of the motivations may help discourage theft.
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