Target reveals how much they've lost to theft and the total is mindblowing... unless you've been paying attention
Target CFO Michael Fiddelke spoke on an earnings call about how much the chain has lost to theft so far in 2022, as compared to last year. $400 million. Also known as $400,000,000.00. And the year isn't over with, as we enter the holiday shoplifting season.
Fiddelke added that “we expect it will reduce our gross margin by more than $600 million for the full year.”
A Target spokesperson told Yahoo! Finance that the “shrinkage” which the CFO referred to was attributed specifically to “organized retail crime.”
I'd like to see Target's numbers compared to Best Buy's. Target lets people walk out the door with bags full of schtuff. At Best Buy, employees aren't afraid to tackle someone or otherwise take them down.
Someone reading a newspaper would read the number "400 million" and say to themselves, "Self, that is a lot of theft. What is happening to my country? Someone should do something!" Those of you familiar with the words "shoplifting" and "flash mobs" know that the wrong people have.
In America, we have these places called progressive cities, where progressive voters keep electing progressive politicians to enact progressive policies. Some of those policies, classified under the heading "defund the police," have amended laws to where stealing isn't as illegal as it used to be. Anything over $1000 is still illegal. Anything $999 or under isn't illegal as much as it is frowned upon.
That's why there is video after video after video of people walking out of stores all non-challant like with handfuls full of stolen goods. It's under $1000, so security didn't bother. Someone did the math and determined that if you organize ten people to steal $999 worth of goods each, that's close to $10000 worth of goods. Hence, the "organized" element.
That is not to say that stealing only takes place in progressive cities. But out here in real America, it is more common for us to enforce "laws."
As for "someone should do something," people had the opportunity to do so a week ago Tuesday. They chose not to in many places.
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