Family Dollar enters $39m video monitoring contract
CHARLOTTE, N.C.—Family Dollar stores around the nation will soon be protected by third-party monitored video, a move that is intended to reduce shrink and replace guard services for the retailer. At the end of April, Iverify announced it won a five-year contract valued at $39 million to provide video monitoring services to 529 Family Dollar stores, nationwide.
Mark Mellor, Family Dollar director of loss prevention, corporate campus and supply chain organization, said the company previously “had a standard DVR format in place before, but nothing interactive, and when we were looking to expand our loss prevention program, it was a natural fit to go with [Iverify]. They were the best in class and offered the suite of tools we were looking for to move our shrink reduction plan forward and to improve team member and customer safety."
Mellor said each Iverify deployment was individually tailored to the specific location and that there would be ongoing opportunities to do more Iverify deployments throughout the chain's nearly 7,000 locations nationwide.
"[Family Dollar is] using a robust application that uses Cernium analytics for location-based risk assessment that triggers local announcements in the vicinity of high-shrink products. Further, with sophisticated time-based analysis, it then escalates the risk profile and engages a live intervention from a protection specialist," said Iverify president Mike May. "They then assess and respond to a protocol based in the actual risk. This is a best case model leveraging intelligent video coupled with a loss-prevention certified specialist that responds and reduces the customer's potential shrink losses."
According to May, Iverify will provide its "I Guard" and "I Control" products, delivering projected savings of $62.5–$70 million. The suite of services will reduce guard costs, lower losses from theft, and improve employee safety. "We think we have developed an effective forward-leaning service that drives value and safety to the point of protection," May said.