Abercrombie & Fitch
Abercrombie & Fitch simplifies in-store cash management
Looking to reduce theft and other forms of "shrink," enhance employee safety and create in-store operational efficiencies.
Business Objectives
Looking to reduce expenses around theft and other forms of "shrink," Abercrombie & Fitch also wanted to improve employee safety and enhance operational efficiencies in its stores. By upgrading to a secure, connected smart safe cash management system, they could reduce the time employees spent managing cash deposits, giving them more time on the sales floor assisting customers.
Challenges
- Simplify store operations
- Facilitate reconciliation validations
- Utilize intelligent cash management solutions
- Consolidate solution and banking partnerships for operational consistency across the enterprise
- Streamline opening and closing procedures across locations
Solutions
- The Tidel Series 4 System created significant financial and operational efficiencies.
- Sales data from A&F’s POS system and cash data from the smart safes flow into the sales reconciliation system to reconcile POS with deposits.
- Each smart safe collects data including coin orders, cash collections, transaction reports, end-of-day reports, current content reports and the unique identification numbers of store personnel who log into the system.
- Sales auditors and loss prevention personnel can access hundreds of reports, including information on cash orders and transactions.
Results
Theft Reduction
Abercrombie & Fitch's upgrade to a smart safe cash management system reduced theft and shrink, enhancing overall security and operational efficiency.
Operational Efficiency
The Tidel S4 system streamlined A&F's store operations by integrating real-time reporting and automated cash handling, saving significant labor hours and simplifying processes.
Enhanced Safety
Employees' safety improved as the new system eliminated the need for bank trips, allowing them to focus more on customer service and less on cash management duties
Background
Before implementing the smart safe cash management system, Abercrombie & Fitch faced challenges with theft, shrink, and complex cash handling processes. The company relied on several different drop-safe vendors and banking partners, leading to inconsistent store operations and higher labor costs. Employees spent considerable time managing cash deposits and making trips to the bank, which diverted their attention from customer service and posed safety risks. The need for a more streamlined, efficient, and secure cash management solution was evident to enhance operational efficiency and ensure better financial management.
The Challenge
Abercrombie & Fitch wanted a cash management system to simplify store operations and facilitate reconciliation validations. A&F was working with several different drop-safe vendors and banking partners prior to the exclusive partnership with Tidel and Huntington Bank.
“... we have a more consistent model that each of the stores receive. We don’t have different instructions going to several different stores. That gives us efficiencies with our opening and closing processes.” shared Sam Bosson, senior director of accounting operations at A&F.
“In addition to giving a big boost to A&F’s loss prevention team, the Tidel Series 4 System has created significant financial and operational efficiencies. Both sales information from A&F’s point-of-sale system and the information from the smart safes flow into the sales reconciliation system. We go through that and reconcile the POS with the deposits. It works very well.”
The Solution
“It simplifies our store operations,” Bosson says, “so we have a more consistent model that each of the stores receive. We don’t have different instructions going to several different stores. That gives us efficiencies with our opening and closing processes.”
Because the safes are integrated with real-time reporting capabilities with the bank, A&F receives credit for deposits at the end of each business day, even though money may not yet have been physically transferred, making working capital quickly accessible for use.
"In addition to giving a big boost to A&F’s loss prevention team, the Tidel Series 4 System has created significant financial and operational efficiencies.
Both sales information from A&F’s point-of-sale system and the information from the smart safes flow into the sales reconciliation system. “We go through that and reconcile the POS with the deposits,” Bosson says. “It works very well.”
Sales auditors and loss prevention personnel can access hundreds of reports, including information on cash orders and transactions. From this database, A&F’s sales auditors and loss prevention personnel can access reams of information collected by each safe, including coin orders, cash collections, transaction reports, end-of-day reports, current content reports and the unique identification numbers of store personnel who log into the system."
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