{"id":1770583,"date":"2022-12-09T11:29:15","date_gmt":"2022-12-09T16:29:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1770583"},"modified":"2022-12-09T11:34:04","modified_gmt":"2022-12-09T16:34:04","slug":"more-ceos-warning-about-retail-theft-epidemic-in-u-s","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-ceos-warning-about-retail-theft-epidemic-in-u-s\/","title":{"rendered":"More CEOs Warning About Retail Theft Epidemic in U.S."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmore-ceos-warning-about-retail-theft-epidemic-in-u-s%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1770583&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>An increasing number of current and former CEOs have issued warnings about an increase in retail thefts across the United States, which could trigger higher prices and cause locations to close.<\/p>\n<p>\u201cToday, this thing is an epidemic. It\u2019s spreading faster than COVID,\u201d former Home Depot <a href=\"https:\/\/www.theepochtimes.com\/t-ceo\">CEO<\/a> Bob Nardelli <a href=\"https:\/\/www.foxbusiness.com\/retail\/former-home-depot-ceo-organized-retail-theft-epidemic-spreading-faster-covid\">told<\/a> Fox News on Dec. 8.\u00a0\u201cThe degree of severity now, it\u2019s not just theft, it\u2019s smash and grab. There\u2019s an entitlement out there that if you have it, you\u2019ve worked hard to earn it, I want it. I\u2019m just going to take it.\u201d<\/p>\n<p>Last week, an 83-year-old Home Depot worker was <a href=\"https:\/\/www.insideedition.com\/family-of-elderly-home-depot-worker-killed-after-being-shoved-by-thief-pleads-with-suspect-to-turn\">killed<\/a> after being shoved by a thief at a North Carolina location, officials said. Gary Rasor, the worker, attempted to confront a suspect who was making off with three power washers before he was pushed to the ground; he later died because of complications from his injuries.<\/p>\n<p>While appearing on CNBC on Dec. 6<span>,<\/span> <a href=\"https:\/\/www.theepochtimes.com\/t-walmart\">Walmart<\/a> CEO Doug McMillon said retail theft is \u201chigher than what it has historically been\u201d and suggested that it will create widespread problems in some areas.<\/p>\n<p>\u201cIf that\u2019s not corrected over time, prices will be higher, and\/or stores will close,\u201d McMillon said.<\/p>\n<p>\u201cI think local law enforcement being staffed and being a good partner is part of that equation, and that\u2019s normally how we approach it.\u201d<\/p>\n<p>He didn\u2019t indicate what locations could be closed due to theft incidents.<\/p>\n<figure id=\"attachment_2772148\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2019\/01\/20\/Donald-Trump-Walmart-1200x793.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy wp-image-2772148 size-large\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2019\/01\/20\/Donald-Trump-Walmart-1200x793.jpg\" alt=\"Epoch Times Photo\" width=\"640\" height=\"423\"     style=\"display:none\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2772148 size-large\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2019\/01\/20\/Donald-Trump-Walmart-1200x793.jpg\" alt=\"Epoch Times Photo\" width=\"640\" height=\"423\" \/><\/noscript><\/figcaption><\/a> Doug McMillon, Walmart president and CEO, speaks at the company\u2019s annual meeting on May 30, 2018. (Rick T. Wilking\/Getty Images)<\/figure>\n<p>In September, the\u00a0National Retail Federation <a href=\"https:\/\/cdn.nrf.com\/sites\/default\/files\/2022-09\/National%20Retail%20Security%20Survey%20Organized%20Retail%20Crime%202022.pdf\">reported<\/a> that retail theft and other inventory loss\u2014known as shrink\u2014reached\u00a0$94.5 billion in 2021, while reports indicate that retail theft incidents increased by about 26 percent last year.<\/p>\n<p>\u201cViolence is an increasingly important concern among retailers,\u201d including shootings and assault, the report reads. \u201cAs has been detailed throughout this report, external theft and [organized retail crime] in particular, is a significant and growing area of concern for retailers.\u201d<\/p>\n<h2>\u2018Industry-Wide\u2019<\/h2>\n<p>In an investor call, <a href=\"https:\/\/www.theepochtimes.com\/t-target\">Target<\/a> Chief Financial Officer Michael Fiddelke said, \u201cThis is an industry-wide problem that is often driven by criminal networks, and we are collaborating with multiple stakeholders to find industry-wide solutions.\u201d<\/p>\n<p>The amount Target has shrunk over the past year,\u00a0\u201chas already reduced our gross margin by more than $400 million versus last year, and we expect to reduce our gross margin by more than $600 million for the full year,\u201d\u00a0he <a href=\"https:\/\/www.foxbusiness.com\/retail\/target-exec-says-retail-theft-hurt-companys-gross-profit-margin\">said<\/a>.<\/p>\n<p>In the call, Fiddelke said shoplifting has increased by about 50 percent year-over-year. Most of those shoplifting incidents are due to organized retail theft, not individual shoplifters, he said.<\/p>\n<p>Organized looting and retail theft\u00a0gangs have caused shortfalls for the retail industry amid supply chain problems and years of COVID-19-related disturbances, <a href=\"https:\/\/www.uschamber.com\/economy\/rising-retail-theft-heres-what-business-owners-need-to-know\">according to<\/a> the U.S. Chamber of Commerce.<\/p>\n<p>\u201cRetail theft is becoming a national crisis, hurting businesses in every state and the communities they serve. We call on policymakers to tackle this problem head-on before it gets further out of control. No store should have to close because of theft,\u201d the organization stated. \u201cThese crimes are not victimless.<\/p>\n<p>\u201cIn addition to the growing number of thefts that turn violent, innocent consumers, employees, local communities, and business owners and shareholders bear the costs of rising retail theft. Twenty-five percent of small businesses report raising prices as a result of shoplifting. Some retailers have been forced to shutter locations in response to rampant theft.\u201d<\/p>\n<p>Notably, drugstore Walgreens has closed several locations in San Francisco amid a rise of thefts and shoplifting that had been blamed on policies implemented under District Attorney Chesa Boudin, who was recalled earlier this year.<\/p>\n<h2>Incidents<\/h2>\n<p>18 people were arrested in Los Angeles when\u00a0police busted an organized crime ring that targeted clothing and shoe stores, authorities said.<\/p>\n<p>The suspects ranged in age from 15 to 20 and were linked to retail thefts at chain stores on Dec. 1 and 2 in which about $23,000 worth of goods were stolen, according to the Los Angeles Police Department. They were likely involved in at least 14 earlier incidents, with stolen goods valued at $90,000, police stated on Dec. 3.<\/p>\n<p>The department didn\u2019t identify the suspects or the retailers that were hit. The stolen merchandise was recovered and returned to the retailers, the Los Angeles Times reported. The investigation included the Los Angeles County Sheriff\u2019s Department.<\/p>\n<p><em>The Associated Press contributed to this report.<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-jack-phillips\"><img decoding=\"async\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2019\/06\/13\/Jack-Phillips.jpg\" alt=\"Jack Phillips\" \/><\/a><\/p>\n<div class=\"names\">\n<p>Breaking News Reporter<\/p>\n<\/div>\n<p>Follow<\/p>\n<\/div>\n<p>Jack Phillips is a senior reporter for The Epoch Times based in New York. He covers breaking news.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>An increasing number of current and former CEOs have issued warnings about an increase in retail thefts across the United States, which could trigger higher prices and cause locations to<\/p>\n","protected":false},"author":1,"featured_media":1898982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5458,7268,7266,3819,6581,6913,7238,7267],"class_list":["post-1770583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bongino","tag-ceos","tag-epidemic","tag-report","tag-retail","tag-theft","tag-u-s","tag-warning"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1770583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1770583"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1770583\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1898982"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1770583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1770583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1770583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}