Target, the massive American retail chain, said on Wednesday that the massive wave of crime is causing devastating losses for the company.
The retail giant said they are getting looted at an alarming rate. It has hurt the bottom line by an estimated $400 million so far this year.
Target said it has lost $400 million in gross profit margin this year. https://t.co/jcFRbvAG7i
— Forbes (@Forbes) November 16, 2022
Target is not alone in this issue. CVS has suffered a 300% increase in loss by theft. Rite-Aid has suffered a loss of $5 million in losses due to the theft in their New York City stores alone. Home Depot has opted to lock more products up to battle theft.
“There’s a handful of things that can drive shrink in our business and theft is certainly a key driver,” said Target CFO Michael Fiddelk. “We know we’re not alone across retail in seeing a trend that I think has gotten increasingly worse over the last 12 to 18 months. So we’re taking the right actions in our stores to help curb that trend where we can, but that becomes an increasing headwind on our business and we know the business of others.”
The impact of these losses is hurting more due to the impact inflation is having on the country.
“Americans are more likely now than at any time over the past five decades to say there is more crime in their local area than there was a year ago. The 56 percent of U.S. adults who report an increase in crime where they live marks a five-percentage-point uptick since last year and is the highest by two points in Gallup’s trend dating back to 1972,” Gallup reported last month.
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