About this episode
In this episode of "We Fixed It, You're Welcome," the panel tackles the issue of retail theft at Walgreens and other major retailers. They explore the effectiveness of current security measures like locking up products and their impact on customer experience and sales. The discussion covers various aspects of the problem, including organized retail crime, employee theft, and the balance between preventing theft and maintaining convenience. The panel, joined by finance expert Jason Kraus, proposes solutions ranging from investing in technology like smart carts and predictive analytics to enhancing the in-store experience with customer service ambassadors. They emphasize the importance of remembering Walgreens' core value of convenience while addressing security concerns, ultimately suggesting a multi-faceted approach to "fix" the issue. Special Guest Jason Kraus: https://jasonkraus.me/ Retail Theft and Its Impact Melissa Eaton shares a personal experience in San Francisco. Overview of the projected cost of retail theft to companies by 2026. Walgreens' History and Current Situation Brief history of Walgreens from its founding in 1901 to present day. Introduction of security measures like glass door cages in stores. Customer Experience and Sales Impact Discussion on how security measures affect customer experience and impulse buying. Chino Nnadi shares contrasting experiences at Walgreens over the years. Business Perspective on Retail Theft Breakdown of different categories of retail theft: shoplifting, organized retail crime, employee theft, and vendor fraud. Analysis of Walgreens' financial losses and store closure plans. Technology vs. Human Approach Debate on investing in technology solutions versus increasing staff presence. Examples of successful loss prevention strategies from other retailers. Startup Approach to Retail Challenges Jason Kraus discusses how startups might approach similar retail challenges. Exploration of innovative technologies like smart shopping carts and digital keys. Community Responsibility and Profiling Concerns Discussion on the importance of addressing root causes of theft. Chino Nnadi raises concerns about racial profiling in loss prevention efforts. Proposed Solutions Suggestions for improving customer experience while deterring theft. Ideas for leveraging technology, staff training, and store layout optimization. __________________ Disclaimer: A quick disclaimer. We are going into this somewhat cold and nothing we say should be construed as legal advice, financial advice or anything that would get us in trouble. These are our views and opinions. We're here to ask the kinds of questions everyone's thinking. Have an engaging conversation and maybe come to some conclusions that we feel are worth exploring. By the end, if we fixed it, you're welcome. All trademarks, IP and brand elements discussed are property of their respective owners. Music by Milo W.Produced by Straight Forward Media Group See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .