NRF's Big Show to highlight women transforming the retail industry

A diverse group of women who are helping to shape the future of retail will take center stage at NRF 2024: Retail's Big Show, which will take place Jan. 14 -16 at the Jacob K. Javits Convention Center in New York City.

Leading the charge will be trailblazing entrepreneur, author and Emmy Award-winning TV host Martha Stewart, the founder of Martha Stewart Living Omnimedia. Joining Stewart at the Big Show will be other influential women in the retail landscape, who will share their experiences and insights, offering invaluable perspectives on the ever-evolving landscape of the retail industry.

Those currently on the agenda include:

• Kate Ancketill, Founder and CEO, GDR Creative Intelligence;
• Drew Barrymore, Talk show host, actress, co-founder, Barrymore Brands;
• Gina Drosos, CEO, Signet Jewelers;
• Michelle Gass, President, Levi Strauss & Co.;
• Arianna Huffington, Founder and CEO, Thrive Global;
• Kyle Leahy, CEO, Glossier;
• Stephanie Linnartz, President and CEO, Under Armour;
• Shay Mitchell, Founder and chief brand officer, BÉIS Travel;
• Brieane Olson, CEO, Pacsun; and
• Carla Vernón, CEO, The Honest Company.

More than 40,000 attendees are expected at the Big Show, including more than 1,000 exhibitors and 450 speakers. The show will feature over 100 sessions including special pavilions and hands-on activations. chainstoreage.com


Retail Leaders to Be Recognized by NRF Foundation in NYC
NRF Foundation's 2024 list of people shaping retail's future includes...

Six retail leaders will be celebrated at the NRF Foundation Honors event in NYC.

The individuals are being honored by the Foundation with its annual "List of People Shaping Retail's Future" awards, which highlight the wide range of companies, roles and products that are vital to retail and consumers.

The six 2024 honorees are:

• Julie Averill, chief information officer and executive VP, Lululemon;
• Heidi Cooley, senior VP and chief marketing officer, Crocs;
• Yael Cosset, senior VP and chief information officer, The Kroger Co.;
• Harley Finkelstein, president, Shopify;
• Jungmin Kang, founder and CEO, Snoopslimes; and
• Mecca Mitchell, senior VP of leadership & organizational development, DEI & community impact, Burlington Stores Inc.

The NRF Foundation Honors event will take place on Jan. 14 at the Marriott Marquis Times Square. It will be co-hosted by Spring and John Furner, Walmart U.S. president and CEO and NRF board chairman.

The Robin Report: What the CEO's read, 1/10/24

Retail's Version of 'Stop & Frisk'?
Targeting young people that fuel retail theft in America

Curfews and Parental Escorts Deter Teen Shoppers from Malls
Retail theft in America has increased by 94 percent in the last five years. While it's true that the theft rates were spurred on by the pandemic, the incidents are no longer coming from a place of necessity. The violence and aggression of retail crimes have also increased, which has led to the death of numerous mall security guards across the nation.

ID-scanning policies have long been the norm at convention centers, bars, and performance spaces. These policies require every single mall visitor to scan their ID prior to entering the venue. When teens are stopped while on the premises, their IDs are also scanned, holding mall security accountable for appropriately enforcing policies. This policy could help put a stop to racial profiling.

Young people make up the lion's share of the retail thieves. Around 25 percent of shoplifters are underage and a total of 66.6 percent of total shoplifters are under 30 years of age. Mall violence and thievery have been exacerbated by TikTok, which has become a rallying ground for youths looking to cause a little anarchy.

Retailers in malls are responding by rolling out mall curfews and escort policies, reminiscent of NYPD's "stop and frisk" program which was found to be unconstitutional. Let's take a look at which malls are rolling out curfew and escort policies, what critics have to say about them, and how they can be ethically enforced -- without targeting marginalized groups.

Retailers Across the U.S. Roll Out Stringent Teen Curfew Policies

The largest mall in the U.S., the Mall of America was one of the first to limit after-hours youth activity. The Mall of America rolled out a stringent teen escort policy in the 90s that was revised to restrict youths even further in 2012. A bevy of malls, amusement parks, and restaurants have recently followed suit.

Westfield Garden State Plaza of New Jersey to announced restrictions requiring anyone under the age of 18 to be accompanied by an adult chaperone after 5:00 p.m. on Fridays and Saturdays. The Mall at Robinson in Pittsburgh, Ohio, Trumbull Mall of Connecticut, the entire Fashion District of Philadelphia, the Columbia Mall in Maryland, and many others have rolled out similar policies this year.

History Shows that Curfews Are Disproportionately Enforced - Successful Initiatives Hinge on Sensitivity Training and Accountability:  therobinreport.com


Consumer Theft is Just One Piece of the 'Shrink Profile'
Why retail's $100 billion 'shrink' crisis may not be all about shoplifting
Retail executives are signaling a crisis in shrink and investors are taking note. Despite recognition of the growing problem, retailers, in many cases, are struggling to devise a comprehensive approach to regain control over the current situation. The lack of a clear strategy to combat escalating shrink, or even a demonstrated confidence in understanding its root causes, suggests that shrink losses will remain at heightened levels.

Consumers' perception vs. retailers' reality

The challenge lies in aligning negative perceptions with the reality that retailers face. One reason for the inability to demonstrate current mitigation efforts may be working is that published retail metrics are lagging. Time will unveil whether the heightened awareness that various stakeholders encountered in 2023 is merely viral hype or signals a notable increase in retail shrinkage year over year.

Beyond shoplifting

Shrink is a multifaceted challenge that extends beyond customer theft. Shrink encapsulates all forms of loss throughout the inventory-to-cash conversion process, occurring across the entire value chain-from freight and distribution to the store level. This multifaceted challenge also involves various players, including employees, customers, and third parties.

To form a comprehensive picture of shrink, retailers must first take a step back and take stock of each of the sources and drivers within their organization. Organizations should think about the types of shrink-where it occurs, whether it is caused by internal or external parties, if it's intentional harm such as fraud or theft, or if it's unintentional loss such as accidents and errors. Through this exercise, retailers will develop their "shrink profile," a way to classify the various types of loss at a granular level that can then provide better insights into underlying causes.

You can't manage what you can't measure

Without specific insight into the numerous sources of shrink for their business, retailers are left to leverage a disconnected network of siloed, off-the-shelf shrink solutions that often have custom purposes. This patchwork of solutions is not clearly and deliberately linked to the underlying root causes, leading to diminishing effectiveness across an enterprise issue and limited transparency into a tool's return on investment. finance.yahoo.com


LP Must be a Top Priority in 2024
Smash-and-Grab Is Only One Part of a Retailer's Loss Prevention Story
There's no doubt that loss prevention will be a major priority for retailers of all sectors in 2024. Just last year, in the National Retail Security Survey, retailers reported $112.1 billion worth of shrink, 65% of which came from internal or external theft.

If this data wasn't shocking enough, the same report also explained that 78% of retailers don't count ecommerce loss when calculating shrink. With that in mind, the negative financial impact of shrink is actually much higher than the reported $112.1 billion. Retailers are no longer able to ignore the impacts of theft, fraud and abuse within their online channels. As a result, retailers must ensure their 2024 loss prevention plans incorporate an omnichannel approach that considers all avenues for loss.

Where to Focus Loss Prevention Efforts in 2024

Theft, fraud and abuse can come from anywhere, and if retailers aren't prepared, they can expect to see major losses that will impact their earnings reports again in 2024.

Over one-third of a retailer's loss came from external theft last year, but the methods used varied dramatically. Some thieves and ORC rings used smash-and-grab methods while other bad actors relied on ecommerce claims fraud and returns abuse. To combat these diverse methods, retailers must take a holistic approach to monitoring and mitigating theft, fraud and abuse from all angles.

What's more, many bad actors stole from the same retailer multiple times in 2023, with 70% of retailers seeing an increase in theft from repeat offenders. As a result, retailers should rely on artificial intelligence and exception-based reporting to notice patterns in their losses, intervene, and deter offenders from coming back.

Finally, according to the same report, internal theft accounted for 29% of shrink in 2023, while 27% was attributed to errors and process failures. To combat unnecessary mistakes and internal theft, fraud and abuse, retailers must implement a more robust strategy. This includes monitoring their employees and ensuring they receive the training they need to manage money and inventory appropriately.

Despite the variety of ways that theft, fraud and abuse can plague a retailer in 2024, there are strategies that these businesses can take to holistically protect themselves - most notably by integrating AI into their loss prevention program. retailtouchpoints.com


'Shoppers Feel Threatened': Calif. Lawmakers Offer Steps to Fight Theft
Four keys to address California's retail theft crisis from select committee
Several dozen Southern California city leaders gathered on the west steps of the State Capitol Tuesday morning to lobby state lawmakers to do more to address the rise in organized retail theft in the Golden State.

"Shoppers feel threatened," said Beverly Hills Mayor Dr. Julian Gould, president of the California Contract Cities Association.

The team of leaders was described as being on a "legislative journey" to push for support of proposed Assembly Bills 1772 and 1787. At the same time, Assemblymember Rick Chavez Zbur, the chair of the Assembly's Select Committee on Retail Theft highlighted four recommendations on retail theft from the committee's work.

Four key steps on retail theft:

• Base decision on data
• Data shows a small number are responsible for a large number of retail crimes
• Strengthen laws and consequences for repeat offenders
• Shut down distribution channels for stolen goods

"This is a crisis ... It is becoming equal to the issue of unhoused individuals in California," said Chavez Zbur. Chavez Zbur said he is hopeful to host a joint session with the Assembly's Public Safety Committee and the Select Committee on Retail Theft in Southern California in the future.  kcra.com


Geopolitical Impact on Retailers - As Supply Slows - Costs Rise
Tankers aren't being attacked - Only containers - It's a matter of Selling the Goods

Houthi attacks close vital Suez Canal route for Maersk's container ships
Maersk announced Friday that it will suspend all shipping through the Red Sea for the "foreseeable future" because of the threat of attacks on vessels using the vital maritime trading route.

The Danish company paused transits through the area "until further notice" following an attack by Houthi militants on the Maersk Hangzhou container ship. The US military sank three Houthi boats involved in the attack. (Now that's security responding.)

The Iran-backed militants, who are fighting a civil war in Yemen, have ratcheted up their attacks on commercial vessels in recent weeks in what they say is retaliation for Israel's war against Hamas.

"The situation is constantly evolving and remains highly volatile, and all available intelligence at hand confirms that the security risk continues to be at a significantly elevated level," Maersk said in a statement.

A prolonged closure of the route could disrupt the global economy by delaying deliveries of goods, fuel and food, and pushing up prices.

The Suez Canal, which connects the Red Sea to the Mediterranean Sea, typically ferries as much as 30% of global container trade.

Arsenio Dominguez, secretary-general of the International Maritime Organization, noted that 18 shipping companies have rerouted around South Africa, adding 10 days to journeys and increasing freight rates. cnn.com

   Related Coverage

   • Expert Commentary: Red Sea disruption poses challenges for U.S. businesses

   • US Navy and UK Royal Navy shoot down 18 Houthi drones and 3 missiles

   • US likely to go on offense after Houthi attacks in Red Sea, analysts say


Costco takes on a problem bigger than retail theft

Murders are down nationwide. So why are they up in Dallas?

Retail Tech Strategies Driven by LP
Loss prevention fuels retailers' technology strategies

More than nine-in-10 retailers say that minimizing loss prevention is an important driver of their technology strategy.

Ninety-two percent of retailers said that loss prevention drives their tech strategy, an increase from just over half (52%) one year ago, according to a new survey of 161 retail executives by Incisiv, in collaboration with Verizon and Cisco. Almost all (98%) of business executives and 85% of IT executives surveyed cite loss prevention as the most important outcome for investments in store systems.

"As retailers tackle loss prevention and real-time inventory tracking through the deployment of AI-powered live video analysis demanding more bandwidth and speed, their networks will be stressed like never before," said James Hughes, retail CTO, Verizon Business. "Retailers continue to venture on their digital transformation journeys and it is imperative to bring together disconnected systems to create powerful, modular and intelligent solutions that can enable new functionalities, smarter insights and faster decision-making."

Other highlights from the survey include the following:

• 36% of grocery and general merchandise retailers express satisfaction with their current tech infrastructure.
• 11% of retailers meet the digital experience expectations of their Gen Z store associates.
• 26% of grocery and general merchandise retailers are pleased with available technological tools
• 14% of retailers have a common understanding of AI across the organization.
• 72% of store tasks can be fully or partially automated, but only 33% have been automated to date.

"Bridging the omnichannel gap is not just a matter of competitive advantage but a necessity for survival, and adopting new technologies like automation is the frontier for differentiation," said Gaurav Pant, chief insights officer at Incisiv. "The disparity in digital experience for store associates, especially among Gen Z, is more than just a technological shortfall; it's a wake-up call. Retailers must accelerate their digital initiatives to empower their workforce."  chainstoreage.com

   RELATED: Loss Prevention Driving Grocers to Up Their Tech Game


Using AI & Computer Vision to Check Receipts & Speed Up Store Exits
Sam's Club is testing out AI, computer vision tech to speed up exit process at stores

Currently humans check receipts and what's in the shopper's basket, but that is all about to change

To speed up the time it takes shoppers to have their carts full of purchased items checked at Sam's Club the retailer is testing out an application of artificial intelligence and computer vision technology.

Pilots are currently underway at 10 Sam's Club locations and involves a combination of computer vision and digital technology which captures images of carts and verifies payment for all the items in the shopper's possession.

Sam's Club claims it came up with the program by listening to its members. Using people to check receipts and carts at the exit can be slow and can result in long lines, and members were asking if the process could go faster.

"We are constantly looking at ways for Sam's Club to be the most convenient membership club and will continue to prioritize using technology to provide a differentiated and delightful experience for our members," said Chris Nicholas, CEO of Sam's Club.

The plan is to have the AI and computer vision technology at as many as 600 clubs by the end of the year. supermarketnews.com


The Rise of Returnless Refunds
Why companies like Amazon, Walmart, and Target will let you keep some products you want to return - but issue you a refund anyway

Some of America's largest retailers have started issuing refunds while telling customers to keep or donate the unwanted goods.

Walmart, Target, and Amazon are among the companies who occasionally offer so-called returnless refunds on certain items for some customers. Each confirmed to Business Insider that a small number of orders are refunded without a return, though none agreed to reveal specific dollar amounts or other parameters.

In other words, the practice won't lead to free TVs and computers - it's intended for situations where the retailer is unlikely to resell the item and where the cost of processing the return is equal to or greater than the cost of the product itself. Think lower-cost items, and typically for customers with purchase history at a given retailer. businessinsider.com


Retailers Walk a Tightrope Over Returns
Sick of waiting in line to make returns? Some shoppers are hiring people to do it for them.

Shoppers are expected to return $148 billion in holiday gifts this year. A quick and easy experience will make them more likely to shop at a store again.

Companies have to strike a careful balance between trying to trying to cut down on returns and retaining customers - many of whom, researchers have found, would stop patronizing an online retailer if it made it harder to return items.

"If you can make return policies more convenient in terms of time and money," such as by shipping products with preprinted return labels, Huang said, "in the long term this can actually encourage purchases instead of encourage returns."   inquirer.com


UK Retail Sales Weaker Than Expected
UK Christmas Retail Sales Disappoint as Shoppers Pull Back
The crucial Christmas shopping period was weaker than expected in the UK as consumers burdened by higher inflation carefully watched their spending.

Total sales grew 1.7 percent in December, compared with almost 7 percent growth a year earlier, the British Retail Consortium and consultancy KPMG said in a report Tuesday. Sales of non-food items declined over the three months through December, with shoppers particularly avoiding big-ticket purchases such as furniture and homeware. Clothing, jewellery and technology were other gift categories that struggled. businessoffashion.com

   RELATED: Tesco Updates Full-Year Guidance Following Strong Christmas


Security Industry Association Announces the 2024 Security Megatrends
The Security Industry Association (SIA) has identified and forecasted the 2024 Security Megatrends, which form the basis of SIA's signature annual Security Megatrends report defining the top 10 factors influencing both short- and long-term change in the global security industry.

Rent the Runway to cut 10% of its corporate workforce, COO resigns
Rent the Runway is launching a restructuring plan that will result in a 10% cut of its corporate workforce, or 37 roles, the company disclosed in a Form 8-K filed with the Securities and Exchange Commission on Monday.

Charted: Office vacancies hit a new record high

Golden age of working for Instacart, DoorDash, and other delivery apps is over

Massachusetts will get hit by 'strong storm' after nor'easter and major flooding