Loss Prevention | 2017 IRT Retailer Innovation Awards

Our inaugural Retailer Innovation Award recipients aren’t just doing something new, they’re reaping the business reward for the execution of their innovation. Award winners were recognized in six critical areas of business transformation —omni-channel retailing, customer engagement, in-store operations, WFM/HCM, loss prevention, and supply chain/fulfillment.

The winners and finalists we recognized this year are addressing the incredibly complex problems retailers face today, and they represent some of the brightest minds and boldest leaders who are solving those problems through innovation.

On behalf of the team at Innovative Retail Technologies, congratulations to the winners of the 2016 Retailer Innovation Awards.  We’re inspired by your success, and we know our subscribers will be, too.

Winner

DICK’S Sporting Goods

Project Lead: David Lund, Vice President of Loss Prevention, Dick’s Sporting Goods

At DICK’S, the innovative use of integrated IP video, data analytics, and EAS with RFID technology is simultaneously supporting the company’s LP and omni-channel strategies. The company was an early adopter of IP video, installing it in all new stores since 2008. Now the company is exploring ways to tie its POS data with its IP video system to support investigations.

The innovative LP analytics department at DICK’S focuses on merchandising and allocation. Analytics have revolutionized the way the company leverages data allocates its financial resources to attack shrink. Instead of attacking high-shrink categories, for instance, it’s now leveraging data analytics to protect the exact premium brands and/or the specific price points that are most impacting shrink.

More recently, recognizing that its customers are shopping online and using mobile devices more than ever before, the merchant adjusted those strategies to offer a seamless shopping experience across all channels. DICK’S recognizing a need to layer RFID into EAS as a viable solution at the storefront to help better manage shrink, optimize store performance, and support its strategic omni-channel retailing initiative. The company made a significant capital investment in the Sensormatic Synergy storefront detection system, which supports RFID-enabled inventory and shrink visibility. The company is using RFID to increase inventory accuracy for Federal regulations with firearms, and is also looking to use the technology for footwear display execution to reduce pick declines in stores and satisfy omni-channel demand.

At DICK’S, achieving real time, item level visibility with RFID technology is beneficial not only for LP. The value in knowing where every item of inventory is within its brick-and-mortar stores is also useful for replenishment and online order fulfillment, which all feed the company’s strategic initiative to be a premier omni-channel retailer.

Finalists

Burlington Stores

Project Lead: James Connolly, VP of LP, Burlington Stores

Burlington Stores is continually upgrading security in stores and DCs in partnership with American Integrated Security Group, Vivotek, Axis Communications, Samsung (Hanwa), Sony, Wavestore, and Views/LG public view monitors. It was one the first retailers in the country to utilize IP network and 360 degree camera technology to its fullest potential.

RC Willey

Project Lead: Rod Mosher, Director of LP, RC Willey

Recordings from RC Willey’s Axis Communications/AlphaCorp/Genetec IP video system are helping the company analyze the root causes of inventory discrepancy and change their protocols to avoid discrepancies. It shrink figures are now 0.01 percent, well below the industry average 1.7 percent, while the system also drives warehouse and inventory management improvement.

Ulta Beauty

Project Leads: Marie McWard, Director, LP Systems and Operations; Jake Welch and Marc Abramson, Regional LP Managers; Perry Manous, Sr. Director, IT Store and Mobility Systems, Ulta Beauty

Ulta is leveraging prescriptive analytics technology from Profitect to identify previously unseen areas of sales and loss opportunity. In addition to prediction and prevention of store-level shrink, the solution helps identify out of stock products, ensures compliance with inventory policies and provides product performance data to other areas of the business.

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