Tuesday, May 21

Retail theft anticipated to rob Target of $500 million in revenue this yr, CEO says

Target executives forecast that retail theft will trigger the corporate to lose out on $500 million in revenue this yr.

The retail large’s CEO, Brian Cornell, mentioned the difficulty with reporters Wednesday the place he mentioned final yr’s $700 million in “inventory shrinkage” — an trade time period that covers merchandise theft and product damages — means the corporate will undergo over $1.2 billion in misplaced revenue for 2022-23.

“The unfortunate fact is violent incidents are increasing at our stores and across the entire retail industry. And when products are stolen, simply put they are no longer available for guests who depend on them,” Mr. Cornell instructed the media.

Major retailers corresponding to Lowe’s, Walmart, Best Buy, Walgreens, CVS and Home Depot have additionally expressed concern about criminals who ransack their shops, typically violently through the use of weapons or having a mob rush into the institution. 

A report from the National Retail Foundation discovered that retailer theft accounted for $94.5 billion in losses in 2021, up from $90.8 billion in 2020. 

“The country has a retail theft problem,” Home Depot Chief Financial Officer Richard McPhail instructed CNBC Tuesday. “We’re confident in our ability to mitigate and blunt that pressure, but that pressure certainly exists out there.”

Stores in sure high-crime areas have began locking up gadgets behind plastic doorways to stop theft. Other strategies embody movement sensors and extra safety guards.

Content Source: www.washingtontimes.com