Growing Number Of CEOs Issue Warnings About Retail Theft ‘Epidemic’ Across US, by Jack Phillips

There is no viable retail business model in the world that can accommodate rampant theft. From Jack Phillips at The Epoch Times via zerohedge.com:

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.

Today, this thing is an epidemic. It’s spreading faster than COVID,” former Home Depot CEO Bob Nardelli told Fox News on Dec. 8. 

The degree of severity now, it’s not just theft, it’s smash and grab. There’s an entitlement out there that if you have it, you’ve worked hard to earn it, I want it. I’m just going to take it.”

A looter robs a Target store in Oakland, California, in a file photograph. (Josh Edelson/AFP via Getty Images)

Last week, an 83-year-old Home Depot worker was killed after being shoved by a thief at a North Carolina location, officials said. Gary Rasor, the worker, attempted to confront a suspect who was making off with three power washers before he was pushed to the ground; he later died because of complications from his injuries.

While appearing on CNBC on Dec. 6, Walmart CEO Doug McMillon said retail theft is “higher than what it has historically been” and suggested that it will create widespread problems in some areas.

“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.

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