A disappointing holiday sales season has retail store risk managers expanding their concept of risk and re-examining business relationships in an effort to reduce their exposures in the face of shrinking consumer demand, according a recent survey.
Specifically, said Len Churnetski, managing director of Aon brokerage's retail practice, retailers are broadening their definition of what constitutes risk to include their manufacturers and other vendors as they struggle to remain viable. The newest emerging area of scrutiny for risk managers at retail concerns is lowering their insurance costs as companies reduce their store count, inventory and headcount.
These and other emerging challenges were identified in a survey undertaken at a recent Aon symposium on risk issues specific to the retail industry. Those attending the symposium included risk managers from 25 major retailers, Aon retail risk experts and a number of large insurance carriers that underwrite risk in the retail sector.
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