RetailPracticeTheartandscienceofreducingretailshrinkForretailers,battlingshrinkrequiresadata-informed,collaborative,store-by-storeapproach.Thepayoff:higherprofitsandbettercustomerexperience.December2023It’sbeeninthenewsinrecentmonths,andit’sBillMutell:Theftis,asyoumentioned,onepartacomplexandmultifacetedtopic:retailshrinkofshrink.Butanotherpartofshrink,assomeisnot,assomepeoplemightthink,synonymousretailersdefineit,iswasteandspoilage—sowhenwiththeft.OnthisepisodeoftheMcKinseyonthingsgobadbecauseyou’veorderedtoomuchorConsumerandRetailpodcast,hostedbyMonicabecausethetraffichasn’tmetthedemandlevelsToriello,tworetailexpertsdiscussshrink—notyouwereexpecting.justasaproblemforretailerstosolve,butasanopportunitytoimproveboththebottomlineandOneofthefirstthingswedowhenwesitdowncustomerexperience.Thefollowingisaneditedwithretailersaroundtheworldissimplyaskthetranscriptoftheconversation.questionthatyoujustdid:“Howdoyoudefineshrinkwithinyourcompany?”WhatwefindisthatMonicaToriello:Hi,everyone.We’rebackwiththedefinitionvariesquiteabit.Someretailers,foronemoreepisodebefore2023comestoaclose.example,includethingslikemarkdowns.AnotherOurtopictodayisatimelyandimportantonepieceofthisiscalled“papershrink,”whichistheforretailers:retailshrinkor,asit’salsoknown,differencebetweenwhatyourbookinventorysaysshrinkage.It’saniss...
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