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Retail loss prevention is a method of identifying the sources of shrinkage or inventory loss and taking initiatives to reduce them.

The major objectives of a retail loss prevention plan are to protect the company's assets, maintain client satisfaction, minimize financial losses, provide safety and security, and protect profitability.

Retail loss prevention specialists review infractions, particularly those connected to internal threats. They also help with investigations concerning external threats or criminal activity, such as recovering stolen items.

A Loss Prevention Specialist is someone a business hires to go undercover and blend in, preventing customers as well as employees from shoplifting. On the other hand, a security guard is in a uniform, with or without a gun, and guards over property, residences, etc.

Loss prevention officers cannot physically touch and detain individuals unless local law requirements are met. But when required, they can detain individuals involved in shoplifting and for aggressive and violent behavior until the police arrive. Typically, a retail security expert is employed by stores to prevent theft and loss prevention, but they do not have the same authority as law enforcement.

Their primary duty is to observe suspicious activities and report immediately to local authorities. A  loss prevention expert is responsible for ensuring that the procedures align with legal guidelines and company policy.