How long do liberals think businesses can survive with legalized theft?
US retailers are experiencing unprecedented losses due to a nationwide spike in retail thefts that has become a $100 billion problem for the industry. Brick-and-mortar stores have increased police presence and other theft-deterrent merchandising strategies as store managers beef up security to prevent five-finger discounts.
Across the nation, the number of shoplifting incidents has soared post-Covid, which has concerned the National Retail Federation.
NRF data shows shrink — an industry term for loss in inventory — accounted for 1.4% of retail sales in 2021, or about $94.5 billion. Before the pandemic, retail shrink increased by 7% on an annual growth rate, but as soon as 2020 came along, thefts jumped 47% and increased another 4% in 2021.
Retail thefts are so bad that Target reported last month that gross profit margins were reduced by$400 million this year. A Target spokesperson said the problem is primarily due to “organized retail crime.”
Organized retail crime has increased under the Biden administration while progressive-run cities implement social justice reform. Criminals are taking advantage of relaxed penalties for shoplifting,fueling a nationwide crime wave. California is one state where retail thefts have spiraled out of control.
In a CNBC interview earlier this month, Walmart Chief Executive Doug McMillon warned that if the retail theft problem weren’t addressed over time, “prices will be higher and/or stores will have to close.”
Needless to say, it is almost impossible to run a profitable business in such a toxic environment of thefts and inflation.
https://www.zerohedge.com/markets/season-five-finger-discounts-shoplifting-100-problem-us-retailers