Retailers lost $112 billion in inventory in 2022, cite organized retail crime rings as main culprit
(Worthy News) – Losses from retail theft jumped to $112.1 billion in 2022 from $93.9 billion in 2021, leading retailers nationwide either to change how they do business or, in some cases, shutter their operations for good, according to a new survey released by the National Retail Federation.
“Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire,” David Johnston, NRF’s vice president for asset protection and retail operations, said in a statement Tuesday.
The annual survey by the trade group collected information from 177 retail brands across 28 different sectors — including apparel, jewelry, grocery, and department stores — and accounted for more than 97,000 retail locations and $1.6 trillion in annual retail sales. [ Source: Washington Examiner (Read More…) ]
Target Closing Nine Stores Across 4 States, Citing Theft and Violence
Retail giant Target announced Tuesday it will close nine stores in several large cities across four states due to violence, theft, and organized retail crime.
The discount chain will close one store in New York City’s Harlem neighborhood, two store locations in Seattle, three stores in the San Francisco-Oakland area, and three more stores in Portland, Oregon effective Oct. 21, according to a company press release.
“We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance,” Target said in a press release. “We know that our stores serve an important role in their communities, but we can only be successful if the working and shopping environment is safe for all.” [ Source (Read More…) ]