Note that the word "shrink" includes a lot more than shoplifting, which is typically not as costly as pilferage or other internal theft.
Costco is repeatedly ranked as one of the best places to work, and I think among retail businesses it's always #1. I wonder if their shrink is as bad as WalMart's... if there's a direct correlation between how well the workers are treated and how much they steal.
Of course, but in this case the "shrink" is being called out as theft (mostly external, not internal).
Companies usually don't report exact shrink amounts, so they are not comparable.
However, Costco has called out that their membership format and unique, staffed entry/exits allows them to control this type of inventory loss better than competitors.
Given some of the progressive positions on crime, if you live in a city and listen to what retailers are reporting, you can see the soft touch on non-violent crime is not working.
CNBC reports on an interview with Walmart CEO Doug McMillon in which he says that theft at Walmart stores is "higher than what it has historically been ⦠Weâve got safety measures, security measures that weâve put in place by store location. I think local law enforcement being staffed and being a good partner is part of that equation, and thatâs normally how we approach it."
Nevertheless, McMillon tells CNBC, "a lax approach from prosecutors could impact prices and lead to store closures down the line. 'If thatâs not corrected over time, prices will be higher, and/or stores will close,' McMillon said."
The story notes that "Walmart isnât the only big-box retailer dealing with an uptick in theft. Last month, Target Chief Financial Officer Michael Fiddelke said shoplifting has jumped about 50% year over and year, leading to more than $400 million in losses in this fiscal year alone. Most of the shoplifting is organized retail theft, rather than petty theft, Fiddelke said."
Dick's Sporting Goods, Macy's, Rite Aid, CVS, Walgreens...many other are pointing to increased shrink (theft) having a significant impact on their margins.
Note that the word "shrink" includes a lot more than shoplifting, which is typically not as costly as pilferage or other internal theft.
Costco is repeatedly ranked as one of the best places to work, and I think among retail businesses it's always #1. I wonder if their shrink is as bad as WalMart's... if there's a direct correlation between how well the workers are treated and how much they steal.
Given some of the progressive positions on crime, if you live in a city and listen to what retailers are reporting, you can see the soft touch on non-violent crime is not working.
CNBC reports on an interview with Walmart CEO Doug McMillon in which he says that theft at Walmart stores is "higher than what it has historically been ⦠Weâve got safety measures, security measures that weâve put in place by store location. I think local law enforcement being staffed and being a good partner is part of that equation, and thatâs normally how we approach it."
Nevertheless, McMillon tells CNBC, "a lax approach from prosecutors could impact prices and lead to store closures down the line. 'If thatâs not corrected over time, prices will be higher, and/or stores will close,' McMillon said."
The story notes that "Walmart isnât the only big-box retailer dealing with an uptick in theft. Last month, Target Chief Financial Officer Michael Fiddelke said shoplifting has jumped about 50% year over and year, leading to more than $400 million in losses in this fiscal year alone. Most of the shoplifting is organized retail theft, rather than petty theft, Fiddelke said."
Dick's Sporting Goods, Macy's, Rite Aid, CVS, Walgreens...many other are pointing to increased shrink (theft) having a significant impact on their margins.
In 1926, Al Capone had his thugs kidnap Waller, & they took him - blindfolded, to play piano at a 3-day Capone birthday party. Waller said he was paid really well, treated nicely, & released, exhausted, but with a pocketful of cash, when the party finally ended.
In 1926, Al Capone had his thugs kidnap Waller, & they took him - blindfolded, to play piano at a 3-day Capone birthday party. Waller said he was paid really well, treated nicely, & released, exhausted, but with a pocketful of cash, when the party finally ended.
I'm just addicted to ice cream. But I do get where you're coming from. Truly. I do... I'm not a paid spokesman for overcoming desperation . And yet, you must...
In a lactose intolerant fit, I broke out and ate a bunch of ice cream. I predict the punishment will be along shortly. Emotional eating is all the rage...
In a lactose intolerant fit, I broke out and ate a bunch of ice cream. I predict the punishment will be along shortly. Emotional eating is all the rage...
In 1926, Al Capone had his thugs kidnap Waller, & they took him - blindfolded, to play piano at a 3-day Capone birthday party. Waller said he was paid really well, treated nicely, & released, exhausted, but with a pocketful of cash, when the party finally ended.
