Article Image

IPFS News Link • Crime

Retail Theft Is Wildly Out Of Control All Over America,...

• The Economic Collapse Blog - Michale Snyder

We are right in the middle of a tsunami of shoplifting that never seems to end, and as a result major retailers are closing down locations in major cities all over the country.  A few years ago, videos of brazen shoplifters ruthlessly looting retail stores were shocking everyone, but now this sort of thing is so common that very few of us are shocked anymore.  We have come to expect that our retail stores will be regularly looted because this is who we have become as a nation.  Sadly, even many of our politicians aren't too concerned that the impoverished masses are stealing billions of dollars worth of merchandise from our major retailers.  Like so many others, maybe they figure that those retailers won't even miss what is being taken.  But the truth is that they do miss what is being taken, and CEOs have been complaining very loudly about it

For much of the past year or so, executives at big retailers did something unusual: They talked about theft in their stores. A lot.

Walmart's CEO warned it could lead to store closures and higher prices. Target's CEO said it was costing the chain upward of a billion dollars. Home Depot's finance chief called it a "consistent pressure" that the chain is "tackling every day."

With a backdrop of viral videos showing brazen and violent thieves, crime became a common theme on retailers' typically dry quarterly earnings calls. Executives often mentioned "shrink" — inventory missing for one reason or another — as a factor behind declining profits. The list grew long: Macy's, Best Buy, Dick's Sporting Goods, T.J.Maxx, Dollar General.