Wed
Nov 16 2022
10:34 am

"Target stores are getting looted, and it's taking a huge bite out of profits."

"The discount retailer told reporters... disappearance of merchandise — has reduced its gross profit margin by $400 million so far in 2022."
...
A Target spokesperson told Yahoo Finance... the [inventory] shrinkage was mostly "organized retail crime."

"Organized retail crime is not just a Target issue as it has impacted other big name retailers such as Best Buy and Rite-Aid."
...
"Goods stolen from stores increased to $94.5 billion in losses in 2021, up from $90.8 billion in 2020."
...
"Last month Wegman’s ended its scan-and-go shopping app. Why? Shrinkage, of course."

We thought about opening a bar many years ago. A close friend said, don't do it. Employees steal you blind. It's very hard to manage retail. You're opening up everything for customers and employees to manage with trust as your only tool. Sure you can setup many different methods of security but when dealing with retail you can't secure everything without making the customer angry. Remember when Best Buy used to check every receipt and bag before you were able to leave the store?

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