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| label allowance | An allowance given to a distributor by a packer when the distributor supplies their own labels to that packer. The allowance is usually granted for private label processed foods packed for the distributor. |
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| label gun | A tool used to price merchandise. |
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| label peeler | A device used to remove price labels from merchandise when repricing due to a price change. |
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| labor | All employees except managers that work at a retail store or distribution center. |
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| labor scheduling software | A computer software program that creates weekly work schedules for employees and departments. The software program inputs company parameters such as vacation, holidays, work availability, hours of operation, peak sales periods, etc. |
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| lacing | A shelf display of overlapped, bagged products to form an attractive arrangement. |
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| LAN | Local area network. |
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| last in, first out (LIFO) | The most recently acquired product is the first sold. |
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| layer | A row of similar products stacked on a pallet or shelf. |
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| layer-loaded unit load | A pallet loaded with different layers of products. |
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| layer quantity | The number of similar product cases used to make a pallet layer. |
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| layout | See store layout. |
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| layover | A shelf-stocking technique that displays the top of a product to customers. |
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| LCI | Learner-controlled instruction. |
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| LCL | Less-than-carload. |
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| lead time | The time between an order and a delivery. |
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| learner-controlled instruction (LCI) | A self-paced, training method. |
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| lease-back | A process of financing a building; then selling it to an outside company and paying rent. Options and protective clauses apply to the tenant. |
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| leased department | A retail department that is leased to, and operated by, a separate company. Also known as a franchised department. |
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| leased inventory | An accounting method used to finance the opening inventory of a new retail store. Product is leased to the operator and secured by the wholesaler's lien on daily cash receipts. |
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| leased line | A dedicated, private telephone line used for data transmission. |
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| leaven | A substance, such as yeast, used to produce fermentation in dough to cause it to rise or lighten. |
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| letter of authority | An agreement for a wholesaler to order, deliver and bill promotional products to a retailer. See automatic distribution. |
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| letter of intent | A legal promise to perform some activity at a future date in return for money received beforehand. |
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| liabilities, current | Money or obligations owed to other companies or individuals, which must be paid in a year or less. |
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| liability | A debt owed by a business to creditors. |
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| liability policy | A manufacturer's or wholesaler's insurance policy to cover legal expenses in case a customer or retailer sues. |
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| library | A storage/retrieval site in a computer program. |
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| license plate | An identity label assigned to a container making that container unique from any other container. Typically used for tracking unit loads, but may be used on cases and trailers. |
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| lien | A legal claim upon real or personal property to satisfy a debt or obligation; a mortgage. |
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| LIFO | Last in, first out. |
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| limited assortment store | Food stores restricted in size, services, fixtures and variety in order to reduce operating costs and sell goods at the lowest possible prices. Also known as: box stores, no-frills stores. |
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| limited distribution | An introductory offer on a new national or branded product introduced in a specific geographic area. |
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| linear shelf feet (running feet) | The length of a shelf or shelves upon which a product or product group is displayed. |
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| line number | A manufacturer's processing key that identifies a product and its pack size. |
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| line of credit | The amount of money that a company may borrow from a bank. |
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| list price | The price at which items are listed for sale before discounts or allowances. |
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| listing | One line about a product in a retailer's newspaper ad. |
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| listing allowance | Money that a manufacturer/wholesaler gives a retailer to advertise a product. |
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| loading sheet | A shipping list of all products in a railcar or truck trailer. |
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| load strap | A restraint in a cargo vehicle used to secure product during shipment. |
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| loaf cheese | A long, rectangle of uncut cheese. |
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| local area network(LAN) | A small, computer network of terminals and processors. |
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| lockout | An agreement between competing companies to close during a strike, or an arbitrary suspension of operations during a contract dispute with a union. |
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| logistics | Activities associated with the procurement, warehousing and transportation of goods for sale. |
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| loose-loaded | A shipping practice of loading and unloading products by hand on a trailer. Also known as a dead-pile loaded; floor-loaded; loose-case-loaded. |
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| loss leader | An item sold with little, if any, markup, or at a loss, to attract shoppers. See giveaway. |
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| low-temp | A refrigerator that holds product at a below-freezing temperature, 32 degrees F or less. |
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| loyalty marketing/cards | Customers' plastic store cards used to reward frequent shoppers and to collect data on purchasing habits. |
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| LP | Liability policy. |
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| LTL | Less-than-truckload. |
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| lug | A gray, plastic tub used to transport and store products. |
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| lumpers | Temporary employees of motor carriers, shippers or receivers, hired to load or unload trucks. |
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