While Vector Security's Loss Prevention Foundation (LPF) scholarship program has served to provide continuing education opportunities for contemporary loss prevention staffs, the program has recently grown to include preparing a new staff of Margin Control Specialists at one of the largest nationwide auto parts retailers.
Recently, Pep Boys Auto announced it would be including the Loss Prevention Qualified program in its educational base for a new position that took former store managers and moved them into margin control specialist positions. According to Daniel Teller, Pep Boys Asset Protection Director, Controllable Margin, these positions will allow his company to "implement, monitor and review the margin inhibitors within an assigned area by utilizing various exceptions reporting. The Margin Control Specialists will then identify and correct the procedural noncompliance disciplines within their assigned locations and provide associate training to improve the operating procedures that impact profitability. These new positions will work in partnership with their respective Area Director and Asset Protection Manager.” Michael Grady, Executive Vice President of Vector Security, indicated that, "This is one of those unique opportunities to cross train store managers and associates to better understand the value of preventing losses as a tool to preserve profits in a financial environment where every dollar saved goes right to the bottom line.”
According to Gene Smith, President of the Loss Prevention Foundation, this new use for the LPF program indicates the educational materials are multi-faceted. Smith agrees with Grady's observations, "The LP Qualified training program combines both loss prevention and good business operation educational criteria to help create a well-balanced LP staff member. But in Pep Boys' case, the coursework allowed them to expand the value of the LPQ, by allowing them to take people from the store management side and help prepare them for a new position that centers on profit preservation. In fact, everyone in retail management, no matter their position, is ultimately involved in preserving profits. Our opinion is that the LPQ coursework is perfect for store managers, who are first in line to preserve profits at the individual store level.”
Mark Townshend, Vector Security's National Account Manager assigned to Pep Boys, says that education is a formidable weapon against the constant threat of shrinkage and profit loss. "Our arsenal of technologies to help Pep Boys combat theft and shrinkage, while improving profitability, now includes education, in addition to the more common loss prevention systems and services. It shows that Vector is always looking outside the box to identify ways to help our retailers improve their bottom line in addition to traditional and contemporary approaches.”
The Pep Boys staff members who will begin serving in these new positions include Amanda Blair, Charlyne Legudi, Maria Guilfu Neco, Wendy Rosasco, Jerry Sisson and James Nguyen.
Vector's LPF scholarship program has been in existence since 2009 and awards deserving individuals with LP Qualified and LP Certified program scholarships each year.
Pictured below: Pep Boys' Loss Prevention team implementing educational program using LPQ scholarships. Left to right: Bryan Hoppe, Vice President of Asset Protection; Daniel Teller, Director of Asset Protection; Jack Legorreta, Director of Asset Protection; and Mark Townshend, Vector Security, National Account Manager.