Shoplifting is such a serious crime that it has affected the earnings of some large retailers, including Target Corp. (NYSE: TGT | TGT Price Prediction), where the cost of shoplifting and organized crime rose to hundreds of millions of dollars. Last year, the cost was $112 billion across all American retailers. The most recent victim is Walmart Inc. (NYSE: WMT), where three self-checkout locations were closed in New Mexico, according to a spokesperson who referenced CNN, and one in Colorado. This is part of a larger problem. According to The New York Post, “Walmart’s push to crack down on shoplifting at self-checkout counters with anti-theft technology has led to a surge in “hostile” encounters between hourly workers and shoppers.”
In one instance, a shopper provided pictures of shuttered self-checkout lines at a local Walmart. There was no formal announcement by the nation’s largest retailer. Walmart’s theft problem must have been significant enough that it took away what many shoppers consider a convenience. (Ten stores like Walmart: best alternatives and affordable options.)
Walmart has also begun to lock some items behind clear plastic windows or tag them with electronic devices that signal theft when shoplifters try to leave stores without paying. Some retailers even put items like ice cream under lock and key.
The shoplifting problem nationwide has continued to rise by double-digit percentages each year. Not all shoplifting is done by individuals. According to The New York Times, organized crime is behind some shoplifting. The paper reports, “Organized retail crime, in which multiple individuals steal products from several stores to later sell on the black market, is a real phenomenon, said Trevor Wagener, the chief economist at the Computer & Communications Industry Association.”
What had been a customer service at some retailers is going away.
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