Retail theft is on the rise, and many businesses are grappling with the financial fallout. In recent months, The Home Depot, Foot Locker, Target and other retail giants have suggested that shoplifting is cutting significantly into their respective profits. Dick’s Sporting Goods also attributed part of the brand’s 23% profit drop in the second fiscal quarter of 2023 to theft (CNBC).
It’s not just the biggest retailers who are taking a hit; small businesses are feeling the impact. According to a June study by the U.S. Chamber of Commerce, 56% of small businesses surveyed say they have been the victim of shoplifting, with half of those surveyed reporting the issue has gotten worse.
