INDIANAPOLIS (WISH) — Here’s a look at Monday’s business headlines with Jane King.
Retail thefts, both in total numbers and dollar amounts, are now up roughly 30% since the pandemic began, according to the Coalition of Law Enforcement and Retail.
The increase in thefts has hurt both big retailers and mom-and-pop stores. Businesses are grappling with large-scale incidents that are backed by criminal theft rings as well as petty shoplifting.
Increased theft forces stores to make big investments in technology and security and it hurts workers retention.
Barron’s reports that 20 retail executives signed a letter over the winter urging lawmakers to act, calling the increase in thefts a “national crisis.”
Best Buy CEO Corie Barry told investors theft is putting pressure on their bottom line, while Kroger says theft is causing a drop in profit margins.
Rosalind Brewer, Walgreens head, says the pharmacy chain is absorbing a 52% increase in shrink–the retail term for inventory lost due to fraud and theft.
The U.S. Chamber of Commerce sent a letter to Congress, urging the passage of the INFORM Consumers Act, legislation that would make it harder to resell stolen goods online.
The House passed the bill in February, but the Senate has yet to take it up.