Posted on 05/20/2023 5:50:57 AM PDT by E. Pluribus Unum
If we don’t fix this, will the retail industry be able to survive? There has always been shoplifting, but in the old days it was at a level that made it only a minor nuisance to the big box retailers. Unfortunately, now everything has changed.
Highly organized gangs have developed extremely sophisticated plans for how to rapidly loot our major retailers, and the best ones can be in and out in just minutes. Those goods are then resold online or in the streets, and the amounts that we are talking about are absolutely staggering. In fact, as you will see below, theft is now costing retailers in this country about 100 billion dollars a year.
This week, Target made headlines all over the nation when it publicly admitted that theft will cost it 500 million more dollars than it did last year…
Target said Wednesday that organized retail crime will fuel $500 million more in stolen and lost merchandise this year compared with a year ago.
Target’s inventory loss, called shrink, totaled about $763 million last fiscal year, based on calculations from the company’s financial filings. With the anticipated increase, shrink this year would surpass $1 billion.
Let’s do some math. 763 million from last year plus 500 million more this year equals 1.263 billion dollars. Please keep in mind that this is just one chain.
As Target CEO Brian Cornell openly admitted earlier this week, organized retail crime has become a massive problem “across the entire retail industry”…
‘The unfortunate fact is violent incidents are increasing at our stores and across the entire retail industry. And when products are stolen, simply put they are no longer available for guests who depend on them.
‘Left unchecked, organized retail crime degrades the communities we call home. As we work to address this problem, the safety of our guests and our team members will always be our primary concern.
if they spent a little on security and let them do their jobs, they’d have more $$ in the long run.
Hmmm.., I smell a deliberate move to kill the ability to go to a shop and instead have only shipping… and digital cureency and control of people from their home through social media becoming a jail…
Amazon-postal conspiracy v 3.0?
V 1.0 Trump points the special Amazon postal privileged rates
V 2.0 Covid lockdowns keep big retailers affloat and punish small shops
V 3.0 Now rampant traditional facilities based police goes down in favor of social media control and military like shopping via shipping…
Agreed. No retail, no interaction, just tapping on a computer linking consumers to distribution centers.
I have several solutions to this from having grown up overseas, married into the Mexican culture and world travels. When some of you get tired of the theft, contact me for consultation.
It’s going to get worse. I never understood why thieves run out of stores today with stolen property. Keep the theft under $1000 and stroll out at your leisure. Go sit under a tree and try the stuff on. No one will stop you.
I wonder how much copycat behavior goes on here.
Here’s what I mean. Some guy is kinda, sorta honest. He’ll stand in line. He’ll pay for his goods. But then he sees - and hears of - other people getting away with not paying.
So maybe he decides he’s a sucker for paying.
Shrink is tax deductible.
Maybe if that was ended Big Retail would push prosecutors to get medieval on the heinies of thieves...
Who fences all of this stuff and where can I get it for pennys on the dollar?
One of my favorite quotes. It could not have been said any better.
Can they get Credits for reparations?
And get a load of this...
https://smallbusiness.chron.com/tax-line-used-inventory-shrinkage-77292.html
“...The Internal Revenue Service isn’t necessarily concerned with tracking the effects of shrinkage on your bottom line; its main concern is determining your taxable income. As a result, it doesn’t recognize shrinkage as a specific expense with its own line. Instead, it’s reported on tax forms as a miscellaneous or “other” expense under the cost of goods sold section...”
Whoakaaaay....
See my reply #13.
Looking to see if it works that way for Big Retail, too...
Sounds like the boyz already took their “reparations” with their smash and grabs.
Crazy as this sounds many theft rings latch onto on line stores like Wall mart target etc . Many of these on line stores allow third party sales. So a theft ring stealing from Walmart is under selling Walmart on their own on line sales plat form.
It's easy to fix if retailers have the guts to stand up to the Woke Movement and the enabling political establishment.
Turning retail establishments into clubs is one way. Paying money for a club membership and adopting in-store strategies to discourage shoplifting works (like at Costco).
We pay for this BS because stores have to meet the bottom line. The truth is it hurts poor people most.
Someday someone smart will start a retail chain with only sabotaged display models that you can handle. If you want a real (whatever), you pay, then an employee in a walled-off warehouse behind the display area sends a working model out.
These businesses do nothing to stop the thugs from ripping them off. Nor do they call out RAT DA’s who do not do their duty to prosecute.
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