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Texas codified specific penalties for organized retail theft back in 2007 when the crime cost businesses an estimated $2.5 billion — but since then, the crime has only become more popular.
Shoplifting (also known as shop theft, shop fraud, retail theft, or retail fraud) is the theft of goods from a retail establishment during business hours. The terms shoplifting and shoplifter are not usually defined in law, and generally fall under larceny .
However, the National Retail Federation (NRF) said that same month that the effect of theft on retailers’ bottom lines was about the same as in previous years, with total retail shrinkage at $112 billion in 2022 (1.55% of sales), up from $93.9 billion (1.44% of sales) in 2021. External theft, including organized retail crime, represented 36% ...
The $1.4 million scheme Dell and his accomplices carried out is only a drop in the bucket. Retailers suffered more than $112 billion in losses due to shrink last year alone, according to the ...
The company took steps to secure more products after it found retail theft accounted for a rising share of shrink. However, locking products behind plastic has not proved effective, he said.
Target is trying to thread the needle as it combats retail's long-running problem: store theft."I feel so much better today than I did a year ago," Target CEO Brian Cornell said in an interview ...
Retail giants have always had to deal with petty theft, but a growing trend of organized retail crime is now not just eating into company profits, it’s threatening the safety of workers.
Gas theft cost the industry $109 million in 2008 and $134 million in 2007. The average loss per store in 2009 was $761, and that figure is conservative, since it only includes reported thefts and is based on all convenience stores that sell gasoline, including those in states that mandate full-serve ( New Jersey and Oregon ) and stores in areas ...