The Forever New team across Australia and Canada has set a new benchmark in Loss Prevention in 2024, in response to the ever increasing level of Retail theft.
Through a series of strategic and analytical initiatives they have had a significant impact in protecting their people and their merchandise – particularly from ORC. The introduction of new software and analytical tools has seen a focused approach to understand and action the biggest areas to impact. Combining input data from store incidents, cash and banking variances, CCTV, audit results and more has seen a highly sophisticated “big data” approach allow appropriate actions to be taken with significant results.
In particular it has resulted recently in:
– the identification of a significant number of major ORC figures and collation of data and evidence to enable many to be put in front of the courts as well as being banned from retail shopping centres
– Major re-engineering in training methodology and delivery for staff, ensuring compliance to key focus areas
– Early identification of major ORC figures in or approaching stores – and processes to instantly respond that have prevented further theft from those individuals
This data-driven methodology extends to enabling the team to predict with remarkable accuracy the products most likely to be stolen as well as the most likely locations and timing of when ORC offenders will hit. It then extends to focusing and and auditing the compliance of the appropriate theft prevention measures. Such foresight has also allowed identification of the scale at which older physical measures were being defeated – and how they were being defeated – to enable the sourcing and introduction of new systems to counter that, effectively reducing shrinkage before it occurs.
In-store layouts are scrutinised to maximise staff efficacy, positioning team members at optimal points within the store to deter theft and protect high-risk items.
Particular attention is given to stores experiencing the highest dollar value losses. These outliers are met with intensified risk management strategies, ensuring that efforts are concentrated where they can have the most impact on the company’s profit.
Forever New’s small team of 4 staff across close to 100 stores and 80 concession locations across Australia and New Zealand has really stepped up in response to the significant increases in theft across 2023 and 2024. Process re-engineering after thorough and cutting-edge analysis to deliver tactical in-store actions and systematic follow up, auditing and training delivery, demonstrates a commitment to not just managing, but mastering multi-channel retail risk.
This impact is now being shared and introduced through the rest of the Forever New chain outside of Australia in order to ensure the same results across the company’s global profile.