Okay, so what am I missing here? For the last year or so I've saw this mentioned some, but today it hit Dicks sporting goods hard. Revenue and profits down due to theft basically. What's the problem? Why are companies not combatting this?
Okay, so what am I missing here? For the last year or so I've saw this mentioned some, but today it hit Dicks sporting goods hard. Revenue and profits down due to theft basically. What's the problem? Why are companies not combatting this?
Solutions are slow and expensive, I guess. They'll have to make a change in order to survive. But in the meantime a CEO can use theft as an excuse for the sales performance.
Thanos was the hero
That is true. But it's just stuff like the full cart walking out of one of the stores the other day and employees are told to do nothing about it. Hire a security guard to deal with it or call the police, don't just let them go. Sometimes it just looks like some of these brick and mortar stores want to go out of business
I was recently listening to Joe Rogan's show with Post Malone and they were talking about the lady from Lowes or Home Depot (not sure which one) that got fired for trying to stop shoplifters and getting assaulted in the process. She ended up getting her job back after public outrage, but it is common practice in retail for associates to not approach or confront shoplifters.
It is a liability issue. What happens if a shoplifter gets hurt or causes property damage in the process of fleeing? The store is liable, right? Insurance companies require policies on hand to allow coverage for these kinds of things.
It sounds like now all they do is save security footage and file a police report to be able to make an insurance claim. After that it is local law enforcement's problem. The problem is, the value of the theft needs to be worth the claim and many times it isn't. This is truly a death by 1000 cuts scenario for retail.
If you think online retail is any better, people return junk in the box after they buy it all the time! My wife dabbled in buying amazon returns on auction and literally got a dirty pair of random mismatched shoes (gross) on some "hey dudes" she bought.
FWIW, I do returns at my local UPS store for Amazon and all they do there is ask if everything is in the box and don't even bother to check. There is no incentive to do the right thing anymore, it is sad.
Retail, shrinkage, and law enforcement is a mess right now.
And that right there sums it upThere is no incentive to do the right thing anymore, it is sad
The simple answer is Lawyers. The company may lose a few hundred dollars if someone steals something but if an employee intervenes and hurts the thief Dicks get sued. If the employee gets hurt or dies the family sues Dicks. It is really a sad situation that is not isolated to Dicks. May be time to close up physical stores in problem areas and look to online to fill the gap. Very disturbing what is going on.
A lot of young people in larger cities have taken measures lately to protect their health. They have resumed wearing masks en masse. Who would have thought?
"I was recently listening to Joe Rogan's show " there's the first problem.
Retail theft is being used a cop out by dicks here.
Don't believe everything you hear and read. Try to strive for visual evidence. Discretionary spending at retail for non-essentials is down as people are needing to prioritize spending. There is a glut of inventory at many retailers right now and the supply and demand balance has swung the other way on the backside of the pandemic/supply chain issues from 2020 and '21. Using theft and shrinkage as a tool to place blame on lost revenue is currently an accepted excuse because it has been sensationalized in the news AND is currently being used as political rhetoric.
While retail theft does occur and can lead to lost revenue in this instance I STRONGLY question anyone who reports or believes this is the SOLE reason for decreased revenue and missing on earnings. At least Foot Locker is owning the reason their down.
That is very trueOriginally Posted by IMhooked
They all need to adopt this simple yet effective policy change:
https://twitter.com/stillgray/status...6s9AvTxEhRHXug
Good luck!
It's not what you can take with you,
It's what you leave behind.
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