Growing Number of CEOs Issue Warnings About Retail Theft ‘Epidemic’ Across US

An increasing number of current and former CEOs have issued warnings about an increase in retail thefts across the United States, which could trigger higher prices and cause locations to close.

“If that’s not corrected over time, prices will be higher, and/or stores will close,” McMillon said.

“I think local law enforcement being staffed and being a good partner is part of that equation, and that’s normally how we approach it.”

He didn’t indicate what locations could be closed due to theft incidents.

In the call, Fiddelke said shoplifting has increased by about 50 percent year-over-year. Most of those shoplifting incidents are due to organized retail theft, not individual shoplifters, he said.

“Retail theft is becoming a national crisis, hurting businesses in every state and the communities they serve. We call on policymakers to tackle this problem head-on before it gets further out of control. No store should have to close because of theft,“ the organization stated. ”These crimes are not victimless.

“In addition to the growing number of thefts that turn violent, innocent consumers, employees, local communities, and business owners and shareholders bear the costs of rising retail theft. Twenty-five percent of small businesses report raising prices as a result of shoplifting. Some retailers have been forced to shutter locations in response to rampant theft.”

The suspects ranged in age from 15 to 20 and were linked to retail thefts at chain stores on Dec. 1 and 2 in which about $23,000 worth of goods were stolen, according to the Los Angeles Police Department. They were likely involved in at least 14 earlier incidents, with stolen goods valued at $90,000, police stated on Dec. 3.

The department didn’t identify the suspects or the retailers that were hit. The stolen merchandise was recovered and returned to the retailers, the Los Angeles Times reported. The investigation included the Los Angeles County Sheriff’s Department.