Looters Have Stolen Around $400 Million in Goods From Target Stores
Jose Nino
According to a report by Tyler Durden of ZeroHedge, big box department store chain Target revealed that it’s combatting a significant organized retail crime wave throughout 2022. This rise in retail crime has apparently done a significant number on its profits this year.
In response to these acts of theft, the company has implemented merchandising strategies to prevent theft. Though these strategies have apparently been futile.
On November 16, 2022, Target reported lower earnings, reduced guidance, and even warned how consumers are not spending as much due to the inflationary environment the US currently finds itself in.
The big box retail also highlighted how gross profit margins fell by $400 million in 2022 because of shrink — industry jargon for theft and other losses in products.
“There’s a handful of things that can drive shrink in our business and theft is certainly a key driver.
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.