According to security expert Chris McGoey, the costs are tremendous. From amateur thieves, who look for crimes of opportunity, to theft rings, stealing costs retailers and consumers a great deal of money.
Theft from stores, including employee and vendor theft, cost retailers many billions of dollars per year. Independent retail studies have estimated theft from retail stores costs the American public 33.21 billion dollars per year. Depending on the type of retail store, retail inventory loss ranges from .7%-2.2% of gross sales with the average falling around 1.70%.
Whole retail store chains have gone out of business due to their inability to control retail theft losses. And worse yet, the cost of these losses are passed on to us…the consumer.
Shoplifting losses vary by store type but can account for about one-third of the total inventory shrinkage.
It is estimated that shoplifting occurs 330 – 440 million times per year at a loss of $10-$13 billion dollars. Nationwide, that equates to 1.0-1.2 million shoplift incidents every day at a loss rate of $19,000-$25,300 dollars stolen per minute. When you factor in employee and vendor theft, this sum skyrockets to an estimate of over $33 billion dollars stolen per year.
But sometimes you need a grandma to help with your security. Take based Grandma, although we don’t recommend this by grandmas everywhere. A lot of thieves carry weapons, if only their fists.
Based Grandma. pic.twitter.com/0YqH8nYZOi
— Adalia Brand (@BrandAdalia) February 1, 2022
Democrats are making it worse.
Seattle activists are using omicron to push a proposal to end jail bookings of serious felony suspects, including failing to register as a sex offender, car theft and home burglaries. You can't make this up! I discussed on @Varneyco!
— Jason Rantz on KTTH Radio (@jasonrantz) February 2, 2022