Citing Store Theft, 20 Major Retail CEOs Call for Congress to Pass Marketplace Transparency Legislation

Some $68.9 billion worth of goods were stolen from retailers in 2019, before the pandemic and the recent rash of organized store thefts, according to Buy Safe America. Now, nearly 67% of asset protection managers at major retailers report a “moderate to considerable increase in organized retail crime,” and even more anticipate the situation worsening, according to the group’s report.

Among the most high-profile organized retail thefts this year was a smash-and-grab robbery at the Nordstrom store in San Mateo, California. Following that, several retailers joined Nordstrom in curtailing their hours in an effort to keep customers, employees and merchandise safe, according to the San Jose Mercury News. Earlier this month, California Attorney General Rob Bonta announced the sentencing of “multiple defendants” in a theft last year of $8 million worth of goods from CVS, Target and Walgreens stores.

“There’s also been a couple of $1 million busts of goods such as over-the-counter drugs, and beauty products and cosmetics,” Michael Hanson, RILA’s senior executive vice president of public affairs, said by phone. “And when you have that much stolen consumer goods, you’re not selling that on the street or in a flea market, and it’s become difficult to sell to pawn shops now, given the rules that most states have put in. So the last place that’s left to move that many products is online.”