Target, other retailers reporting big jump in retail theft ahead of holiday shopping season
Target and major retailers are experiencing big theft spikes ahead of holiday shopping season. This is costing them hundreds, if not millions, in lost revenue.
Target stated during a recent earnings call that it has lost $400 million in gross profit due to retail theft this year, compared to last year. The total figure for the year will probably exceed $600 million.
Similar results were reported by Rite-Aid, who reported a $5million increase in losses due to shrinkage – mostly theft.
California recently announced a new set of measures in recognition of this disturbing trend.
Gov. Gavin Newsom’s Office says that there will be more CHP officers in major shopping areas. Recent legislation has expanded the agency’s Organized Retail Crime Task Force.
Another state initiative aims to make it more difficult to sell stolen goods online, and to provide more money to local agencies such as the district attorney to prosecute retail crimes.