All three retail chains have complained about theft and have taken some bold steps to solve the problem. But those efforts might not be the answer.
Chief Executive Brian Cornell has laid out the challenge between keeping employees safe and preventing theft. He also talked about how shrinkage — the industry term for theft — has pressured the company's profit margins.outlined some specifics about how shrink has affected her company.
It was also fairly clear that like Walmart and Target, Dick's has struggled to figure out how to reduce theft while also keeping workers safe. Home Depot, Walmart, Best Buy, Walgreens, and CVS have also said that shrink has been a growing problem. That's not just political rhetoric; it's backed up by the latest81% of retailers reported a shrinkage increase in 2022.Dollars recovered from shoplifters where no apprehension was made was $485 million, which was up 44.1% in 2022.
"Locking up merchandise to reduce shrink reduces revenue and increasingly drives consumers to alternate retail models," he wrote on hisD'Onofrio says the multifactor answer to shrinking shrink is technology improvements, new laws, and industry partnerships with law enforcement.He has the same opinion on the law."The legal framework is stuck in the past and is not keeping pace with advancements outside the retail industry," he added.
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