Have you seen those crazy videos of crowds of people busting into a store in broad daylight, grabbing armloads of stuff, and then running out the door without anyone (including security guards) trying to stop them? Have you seen people swipe only half their stuff at the self-checkout aisle and still walk out unmolested?
These are examples of retail theft and it’s becoming a bigger and bigger problem!
So what’s this all about and how does it impact you?
Here are Five Fast Facts about retail theft:
- 🌎 Coast To Coast - Brazen retail theft has become a big problem from East to West in this country, and everywhere in between. According to Capital One, losses from retail theft increased almost 20% in 2022. The National Retail Foundation puts the dollar amount at an astounding $112 billion in losses that year! That’s more than a few packs of gum!
- 🤔 Motivation - Many people attribute the uptick in retail theft to an increasing number of laws that minimize penalties for theft up to a certain (rather high) dollar amount, like the $950 threshold in California. Uh, ya think??
- 😣Going Soft = Hard Truths - Going soft on these crimes has led to the reality that people will take advantage of the situation. Organized retail theft rings have popped up everywhere, and you may even be buying stolen merch without knowing it from online outlets like Amazon. Some rings are even multi-state organizations that have stolen and resold millions of dollars of stuff! This should be a good Netflix documentary in a year or two.
- 💀 Closing Arguments - The biggest problem with retail theft is store closures. That obviously hurts the owners and employees of those stores, but it also hurts areas where there already aren’t many stores, like core urban areas. This means people living there can’t get the everyday essentials they need. Target, Walmart, Dollar General, CVS, and many more are closing locations all over the country because of retail theft losses. Seventy-five percent of small businesses report $500-2500 in retail theft losses every month. 🤯
- 🏥 Safety Patrol Says No - The other somewhat hidden element here is employee safety. Eighty-eight percent of retailers say shoplifters have become more aggressive/violent than just last year. Most retail employees aren’t paid or trained to reasonably deal with attempted retail theft, and being a Good Samaritan often ends in injury. Go good deed, huh?
🔥Bottom line: Authorities in major cities have finally – dare we say begrudgingly – started taking actions to fight retail theft. Seems our elected leaders don’t have quite the same opinion of it that normal folks do, but we suppose it’s better late than never. Here’s hoping they do something worthwhile about it.
Have you seen retail theft in action?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
