How Organized Shoplifting Became a Billion-Dollar Industry-World-Wire #shorts

In a May earnings report, Brian Cornell, CEO of Target, said that a loss of inventory is expected to reduce the company's profits by more than $500 million compared to the previous year. While he said, there were "many potential sources," theft and organized retail crime were becoming "increasingly important drivers."

The corporate disclosure was a rare public recognition of the already large and increasing issue that theft has been posing for retailers since the coronavirus pandemic. Industry insiders say that Target's figure is just the tip of the iceberg and that shrink—a word for inventory loss—many chain stores were experiencing was largely attributable to retail crime.

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