Security - Loss Prevention
A major, global concern for retailers worldwide is shoplifting and vendor fraud. Both internal (employee) and external shoplifting, sometimes referred to as shrink or shrinkage, as well as vendor fraud has a great impact on the bottom line of most retailers. It translates into lost sales, higher inventory costs, and tighter profit margins-all of which can be detrimental in today's increasingly competitive marketplace. In the United States alone retailers lost over $31 billion last year according to the latest National Retail Security Survey report on retail theft, which analyzed theft incidents from 118 of the largest U.S. retail chains. Additionally, in a different survey conducted by the National Grocers Association (N.G.A.), (2003 National Supermarket Shrink Survey), per-store supermarket loss to shrink was $452,446 in 2002, at an overall shrink level of 2.32 percent of sales. Employee-caused shrink was the largest category of shrink at 57 percent followed by shoplifting at 20 percent and back door receiving errors and dishonesty at 11 percent. For the fourteenth year in a row, the largest component of employee-caused shrink was cashier dishonesty at 35 percent; up 26 percent from 2001. Loss prevention technology is an essential component in today's modern business world. KAV Enterprise Inc. has been providing its customers with advanced loss prevention technology for over 17 years. We are committed to helping our customers protect their assets and reduce business losses due to shrinkage. The following is a list of some of the systems and products:
