Canadian retailers lose C$10.8 million per day to shrink
TORONTO — Shrink costs Canadian retailers almost C$4 billion per year, according to a new report.
The report, released Wednesday by PwC and the Retail Council of Canada and based on a survey of 34 retailers from across Canada, estimated that retailers in Canada lose about C$10.8 million per shopping day to theft by customers and employees, counting mistakes and organized crime. Cosmetics and fragrances, alcohol and women’s clothing were the three most popular items to steal, according to the report.
“To put retail shrink in perspective, total dollars lost to shrink is almost the same amount as the total investment made each year by the entire Canadian retail industry in their information technology departments and more than what retailers invested in their finance departments,” PwC Canadian retail consulting services practice director Paul Beaumont said. “Unlike [information technology] and finance spending, however, shrink provides no benefits to retailers and requires significant time and expense to identify, manage and prevent.”
While shoplifting and organized retail crime decreased from 2008’s 65% to 43% this year, theft by employees grew from 19% to 33% during the same period. “Due to the nature of its business, the retail industry tends to be at greater risk of internal crimes, such as employee theft,” Retail Council of Canada VP operations Stephen O’Keefe said. “The focus for employers is to create a heightened sense of awareness and need for staff to be a part of the solution, which has resulted in more reporting of incidents than ever before.”
Shrink as a percentage of sales has remained contained since PwC’s last survey, in 2008, and many respondents to the survey noted an increase in the use of closed-circuit recording systems, observation mirrors and phone tip lines, and more than 65% of respondents indicated that they use these tools today, compared with 39% in 2008. At the same time, 35% said they frequently used alarms on merchandise, compared with 72% in 2008. “Retailers are using more sophisticated and concealed tools to keep shrink low, while at the same time trying to provide customers with a better experience interacting with their merchandise,” O’Keefe said.
Tanee tan line corrector takes home ‘Best New Product’ award at ECRM
RIVERDALE, N.Y. — Consumers can now banish unsightly tan lines thanks to the tan line corrector from Tanee.
This marks the first time that a company has addressed the tan line as an aspect of sun care, the company stated. The product won the DSN/ECRM Best New Product award during the recent ECRM Sun Care event.
Tanee, which is as easy to use as a cosmetic pen, combines a natural bronzer with sunless tanning to discreetly disguise tanning mistakes. The precise application system enables users to apply the formula only where it’s needed. One Tanee pen contains enough tan line coverage to last for an entire season.
Tanee is available to retailers in a preloaded clip strip or shelf/counter display.
Axe launches ‘Getting Dressed’ creative spot in U.S.
ENGLEWOOD CLIFFS, N.J. — Unilever’s men’s grooming brand Axe has launched its "Getting Dressed" creative spot in the United States, which takes a lighter look at a couple’s interaction the morning after a romantic chance encounter.
The digital launch comes right Halloween and the brand is taking to the streets of New York City to help turn the pop culture term "walk of shame" into a more positive and optimistic "stride of pride."
"A recent Axe survey showed that 72% of young adults are more likely to approach an attractive guy/girl while in costume, and this confidence is one of the reasons many don’t make it home on Halloween," stated Nick Gonzales, brand manager for Axe. "Regardless of where these guys and girls spend the night, Axe wants to provide them with everything they need to look, smell and feel their best during their ‘Stride of Pride,’ especially if still in costume from the night before."
Axe branded trucks and ambassadors will be positioned throughout NYC’s annual Halloween parade, and stationed at high traffic locations the morning after, offering "Stride of Pride" confidence kits containing items that will help make the best of the morning commute, including water, gum and Axe deodorant sticks. Axe ambassadors will be in costume, so visitors to the trucks will be in good company.
For more information about the Axe "Stride of Pride" activation, including specifics on the truck locations, consumers can follow Axe on Facebook and Twitter — #strideofpride — for live updates and related content.
The "Getting Dressed" creative spot was developed by BBH London and was first launched outside the United States in 2004.