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American businesses are finally waking up to the fact that woke criminal policies are costing them billions of dollars.
Organized shoplifting and flash mob robberies across the country cost businesses $100 billion in 2021 and has only worsened since then, according to the National Retail Federation.As former Home Depot CEO Bob Nardelli recently stated, Biden’s America It has become a “lawless society.”
And a lawless society is bad for business. Big companies from Whole Foods, Walmart and Walgreens to Nordstrom, Dick’s Sporting Goods and Lululemon are all struggling. Family-run businesses are also struggling.
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All businesses have priced in some level of loss due to theft, euphemistically referred to in the industry as “shrink,” but this recent phenomenon has taken it to a whole new level. As a result, companies have closed stores and revised profit forecasts, hurting revenue and profits, resulting in a loss of shareholder value and harm to the communities they serve.
The Los Angeles Police Department announced that 18 suspects ranging in age from 15 to 20 have been arrested in connection with a large-scale organized retail theft case. (Los Angeles Police Department)
But why is this happening now? The answer is simple. A rogue prosecutor supported by George Soros. In big cities across the country, so-called public officials refuse to prosecute petty theft, going so far as to call illegal acts that, according to them, do no harm to anyone, “quality of life” crimes.
That’s a lie.
These crimes not only harm businesses large and small, but also the people who work for those businesses and the city residents who shop at those businesses. When a store closes due to unacceptable risk or loss due to repeated thefts, local residents who used to shop at that store are no longer able to do so, and as a result have to travel longer distances (and face higher costs). fee must be paid). To make matters worse, the people who worked at those stores will have to find new jobs or lose their jobs.
Furthermore, employees and customers are also at risk from these criminals. Blake Morse, a 26-year-old security guard at a Home Depot in Pleasonton, California, was shot and killed by a would-be robber. Gary Lazer, 83, who worked at a hardware store in Hillsboro, North Carolina, died after being pushed to the ground by a shoplifter.
Yowanes “John” Tewelde, 60, a longtime cashier at a San Francisco convenience store, died after being attacked with a baseball bat by a shoplifter who made off with a bottle of water and two bottles of beer. ” announced. To SFist. The list could go on.
Until recently, CEOs have been reluctant to even acknowledge that rampant theft in their stores is a problem. Because they don’t want to appear political and shift the blame to corrupt prosecutors and others who want to defund the police.
But when store workers are repeatedly assaulted by mobs emptying shelves, they are eventually forced to speak out.
In this year’s post-earnings conferences, CEOs and other executives have begun to talk about the real impact of these pro-crime policies and how they’re impacting total revenue and net income.
Home Depot’s gross profit margin for the second quarter was 33%, “down 8 basis points from the second quarter of last year, primarily due to pressure from business downsizing,” Chief Financial Officer Richard Mack said. File said.
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Target CEO Brian Cornell said the company faces “unacceptable amounts of retail theft and organized retail crime,” adding that the second quarter’s contraction “has a long-term impact on our business.” “This is far above the sustainable levels expected to continue.” How bad? This year, Target’s total losses due to theft are expected to be $500 million more than last year’s astonishing loss amount, which was $800 million.
“Retail crime is one of the biggest challenges facing our industry today,” a Walgreens spokesperson told Barron’s earlier this month.
Until recently, CEOs have been reluctant to even acknowledge that rampant theft in their stores is a problem. Because they don’t want to appear political and shift the blame to corrupt prosecutors and others who want to defund the police.
There is a common sense and easy solution to this recent phenomenon. Anyone who steals, even if it’s a petty crime, will be prosecuted.
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why? Because not doing so contributes to a lawless society and criminals must be held accountable.
It’s time for district attorneys in Los Angeles, Chicago, San Francisco, New York City and elsewhere to do their jobs. No matter how big or small, companies, their employees, customers, shareholders, and investors deserve just as much.
Zach Smith is a legal fellow at the Heritage Foundation, a former prosecutor, and co-author of “Rogue Prosecutors: How Radical Soros Lawyers Are Destroying America’s Communities.”
