Report: Retailers Embracing New Approach to Managing Loss
RILA Research Examines Adoption of Total Retail Loss Concept
- By [ Lisa LaBruno ]
- Washington, DC
- 10/24/2019
Based on an online survey of nearly 100 retailers, as well as interviews with senior asset protection executives, Professor Beck examined five factors when reviewing retailers’ approach to TRL and its applicability: awareness, adoption, review, development, and implementation.
The research found:
- 89% of retailers surveyed were aware of TRL
- 64% of those believed TRL had some impact in their organizations
- 53% of respondents had either fully embraced the concept or adopted some of its elements
- 47% were thinking about using it in the next year
“Our goal when we teamed up with Professor Beck was to establish a more uniform approach to measuring loss across the industry in hopes of mitigating challenges retailers face managing loss,” said Lisa LaBruno, RILA executive vice president of retail operations and innovation. “Fast forward three years, TRL has gained significant traction globally and retailers are finding great value in this approach. It’s exciting to see the industry leveraging this work and we’re optimistic that TRL adoption will continue to expand.”
“It’s encouraging to see more and more companies adopting TRL in their loss management practices. We all share similar challenges in this area, so establishing a more consistent and effective way to talk about it as an industry is extremely helpful,” said Paul Jaeckle, vice president of asset protection at Meijer and chair of RILA’s Asset Protection Leaders Council. “We’re appreciative of Professor Beck’s work and RILA’s efforts to share this groundbreaking research with the broader retail industry.”
Professor Beck added: “It is hoped that both this new research and the original work developing the TRL concept will enable the retail industry to strive towards a more coherent, integrated and progressive approach to the management of losses and ultimately the protection of profits.”
The full report can be accessed here.
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RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.
RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.
