Target, other retailers are reporting a large spike in retail theft due to organized crime rings

LOS ANGELES (KABC) — Ahead of the holiday season, Target and other big retailers are seeing big jumps in theft this year, costing them hundreds of millions of dollars in lost revenue.

target reported at a recent earnings call, it lost $400 million more in gross profit to retail theft this year — so far — than it did last year. And the number is likely to top $600 million for the full year.

Likewise retailers Rite Aid reported a $5 million loss due to “shrinkage” – primarily theft.

Acknowledging the disturbing new trend, the state of California recently announced a new packages of measures tackle retail crime ahead of the holiday season.

At a Target store in West Hollywood, items such as laundry detergent, toothpaste and eye drops were in locked display cases to deter theft.

Gov. Gavin Newsom’s office says there will be more CHP patrols in major shopping districts. The agency’s organized retail crime task force was expanded under legislation recently signed by the governor.

Other new government efforts aim to make it more difficult to sell stolen goods online and give local authorities like prosecutors more resources to prosecute retail crime.

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https://abc7.com/target-retail-theft-shoplifting-organized-crime/12466642/ Target, other retailers are reporting a large spike in retail theft due to organized crime rings

Laura Coffey

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