Mike Gilligan, Managing Director The key to a successful transition process in the retail space is to have a solid foundation. But that’s easier said than done. The transitioning of a retail environment is highly challenging, be it a merger and acquisition (M&A), store closing, or inventory disposition sale. The entire process of transition creates enormous uncertainties among employees about their job security and consistent monthly income, which ultimately place stores’ inventory at risk. Further, the retailers undergoing the transition process experience a heightened level of strain in managing their employees, customers, and store’s overall reputation. In such a volatile and uncertain business environment, what retailers need is a professional and reliable consultant that can act as a beacon and guide them through the daunting process of business transition. This is precisely where Illinois-based Hilco Asset Protection (an asset protection company within Hilco Global) marks its presence in the retail landscape.
Drawing on the strengths of its reliable pool of experts, Hilco is well-positioned to protect people, assets and provide more value for clients’ security budgets during times of transition through their effective loss prevention services. The company diligently applies robust loss prevention fundamentals and a proprietary inventory control initiative that addresses the most challenging risk profile in the retail sector. The loss prevention and physical asset security services offered by Hilco are established mainly on the principle of earning employees’ loyalty and elevating shortage control awareness. “Our ultimate mission is to help retail stores maximize profit by protecting their valuable assets,” begins Mike Gilligan, Managing Director of Hilco Asset Protection. Staying true to their mission, the company offers analytical, advisory, asset monetization, and capital investment services to help retailers define and execute their strategic initiatives.
A veteran in the retail asset protection sector, backed by over three decades of experience, Gilligan is aware that employees are the first line of defense in ensuring a secure environment for stores’ inventories, reputations, and customers.
“The transitioning environment in the retail sector brings the risk of shrink, monetary shortage and loss, which creates a negative impact on employees’ work and behavior. This can be resolved if retailers include employees in the decision-making process and earn their trust,” states Gilligan.
Our ultimate mission is to help retail stores maximize profitability by protecting their valuable assets
To meet the unique requirements of each distinct client, Hilco offers a wide array of comprehensive loss prevention services and programs to protect and monitor inventory. Going beyond its role as a retail security provider, Hilco is also recognized as a reliable partner in providing rapid assessment, client consulting, compliance enforcement audits, site visits, investigations and integrity assurance shopping (IAS) services to retailers. These techniques ensure that employees’ integrity is brought to the front and they actively take part in the loss and asset prevention process.
“Instead of changing the standard corporate culture of organizations, our competent team enhances those policies through various services and solutions we have developed for asset prevention such as the 80/20 rule, which states that 80 percent of the inventory shrinkage comes from 20 percent of the locations,” explains Gilligan.
Recalling an instance when Hilco collaborated with a popular fashion brand, Gilligan highlights the effectiveness of Hilco’s offering using a success story. For the client, Hilco created an enterprise-wide loss prevention program in anticipation of nationwide expansion. Hilco partnered with the client and determined high-risk stores based on the historical shortage, geographic and demographic exposure, and employee experience and tenure. Subsequently, the company conducted audits, investigations, awareness, training, and monitoring in these locations using investigators and integrity shoppers to identify and address chronic shortage control issues at those stores. Many aspects of these best practice programs are still in use and have supported the explosive growth of the client as they transitioned from a regional retailer to a major national retailer.
Hilco continues its focus on traditional brick-and-mortar shops. The company believes that external theft and shoplifting have seen an upsurge in the past few years, and they are determined to work toward educating clients of the risks they can expect in the near term and develop methods to eliminate clients’ exposure. In the near future, HAP has plans to provide cutting-edge protection to companies and technological infrastructure.
