Source: iStock | Nancy C. Ross
Inventory shrink driven by organized retail crime is expected to reduce Target’s profitability by an additional $500 million this year, the retailer’s CEO Brian Cornell said last week.
“The problem affects all of us, limiting product availability, creating a less convenient shopping experience, and putting our team and guests in harm’s way,” Mr. Cornell said during the discounter’s first-quarter analyst call. “The unfortunate fact is violent incidents are increasing at our stores and across the entire retail industry.”
Target’s mitigation efforts include investing in security personnel, locking up or adjusting assortments in affected stores, and collaborating with legislators, police and retail partners.
Mr. Cornell said Target remains committed to keeping its affected stores open. “Our stores create jobs, serve local shoppers, and act as critical hubs in communities,” he said.
According to the National Retail Federation’s 2022 National Retail Security Survey, organized retail crime incidents rose 26.5 percent in 2021.
Home Depot, Lowe’s, Best Buy, Walgreens and CVS in recent years have also expressed public concern over organized bands of thieves ransacking their stores and reselling goods on online marketplaces.
Walmart CEO Doug McMillon warned last December that rising theft could lead to store closures and price hikes.
New York City Mayor Eric Adams last week announced a comprehensive plan to combat retail theft across the city informed by a summit held in December composed of retailers, law enforcement officials, union leaders, business improvement districts and others.
Steps include installing in-store kiosks to connect individuals in need with government resources and social services, establishing social service programs for non-violent offenders, improving tracking for repeat offenders and organized crime rings to facilitate stronger prosecutions and creating enhanced online authentication procedures to prevent the resale of stolen goods.
Training on de-escalation and anti-theft techniques is being provided to store associates.
Neighborhood retail watch groups are being set up for businesses to share information on theft incidents with each other and law enforcement.
“Most importantly, this plan aims to reassure our store owners that we know they are essential to our city, and we have their backs,” Mr. Adams said.
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