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Loss Prevention Research Council Weekly Series – Episode 151

NRF Protect 2023

Kudos to David Johnston, VP of NRF Asset Protection and Retail Operation on a great conference.

2000 people attended.

Having Matt Shay who leads NRF and John Furner CEO a major coup in elevating importance of event

The CEO of Walmart brought up the topic of increased collaboration, especially in the sharing of data, as one of the requirements for addressing increased shrink and violence.

The audience was asked to vote on the issue of retail crime with the question, Is organized retail crime more or less of a risk for your business than it was three years ago? 86% said more of a risk.

Multiple sessions including the main recognizing that retail shrink and violence is a top priority for senior executives including CEO, CFO

Great to be live with so many industry leaders and friends

Lots of actions in the industry groups and publications including LPRC, LPF, and Loss Prevention Magazine. Some confusion as to whether Loss Prevention Magazine was sold by LPF.

Hot topics AI and RFID. Elevation of facial recognition was talked about more openly.

Interesting new research from Coresight

  • 75% of consumers extremely to very concerned if retailers raise prices to cover cost of theft
  • 36% have stopped shopping at certain stores due to safety concerns
  • 26% would shop elsewhere and if their local store puts items under lock and key

Top 3 technologies named by Coresight were RFID, Computer Vision & AI, and prescriptive analytics

Interesting Tik Tok Video from a former Victoria Secret employee explaining the details of how loss prevention works inside a retail stores including how and when people get arrested even with more relaxed shoplifting laws. Had 3.8 million views.

One of my favorite session was very early Tuesday morning with you Read, Pam Sweeney and Joe Coll from Macy’s on using RFID for shrink. Standing room very packed room only crowd. Joe pointed out that stores with smart exits using RFID had a 47% increase in case value.  I think these types of smarter exit solutions are just getting started. One other major retailer that I spent a lot of time with at NRF Protect is testing RFID on the highest stolen Organized Retail Crime items with very promising results.

Serious discussions and engagements with retailers on leveraging technology to attack shrink and violence.

Great set of after event parties. Ran out of time in trying to attend them all.

I did many posts from NRF recognizing especially industry groups supporting retail. The top post was the one where I mentioned that we crossed over 150 episodes of this podcast which had nearly 5,000 impressions.

Overall a very positive experience.

2023 winners NRF 2023 Ring of Excellence

The 2023 recipients are Read Hayes, Joan Manson, Chad McIntosh, Chuck Miller and Keith White.

Read Hayes is a research scientist and co-director of the Loss Prevention Research Team at the University of Florida, and founder and director of the Loss Prevention Research Council. With more than three decades of experience, he plays a pivotal role in supporting the retail community with research.

Joan Manson is a leader in the loss prevention space for over 40 years. Manson first joined The Container Store in 1997 and created the retailer’s first loss prevention program. Now retired, she is also credited with establishing what is now known as the Women in LP Network.

Chad McIntosh is the former top loss prevention executive at Bloomingdale’s. McIntosh has a career spanning 40 years with brands including The Home Depot and Ralph Lauren. He was also a founding member of the Loss Prevention Research Council and currently serves as its COO.

Chuck Miller retired from the Food Marketing Institute in 2002. Miller will be awarded posthumously for his pioneering work to combat retail theft and his career as a renowned loss prevention expert. Many of Miller’s published works produced influential educational and training materials for retailers, law enforcement and academia.

Keith White currently serves as the chief of global safety and security for Salesforce. He previously spent almost two decades with Gap Inc. leading its loss prevention, company administration and emergency preparedness functions. Throughout his career, White has been a champion and leader in people development, diversity and talent-driven initiatives across the industry.

Areas of Improvements

  • Agenda is 10 pages long when printed. Maybe too much content.
  • Some of the major keynote presentations missed their mark.
  • More show time on exhibitor floors. Too short for the amount of money spent for the event.

On this episode of CrimeScience, we recap the NRF Protect event in Dallas and cover some thoughts about trends revealed there. Also this week, a reminder about cybersecurity and its role in retail as well as some new challenges to be aware of.