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☆ Why we don't actually know whether retail theft is a big problem
▼ + stars: | 2024-03-26 | by ( Alex Bitter | ) www.businessinsider.com time to read: +6 min

But a new report suggests we don't know whether organized retail crime is a big problem or not. "Organized retail crime," "retail theft," and similar terms don't correspond with categories that local police departments use to categorize crimes, Hanna Love, a fellow at Brookings, told Business Insider. It's unclear what makes organized retail crime "different than, say, other instances of shoplifting" from a data perspective, Love said. The NRF has said that it took back the estimate due to an error by an outside analyst who contributed to its report on organized retail crime. About fourteen states passed new laws on retail theft in 2022 and 2023, Stateline reported in December.

Persons: —, Hanna Love, Love, James Kehoe, William Blair, Target's, it's, Sebastian, Stateline Organizations: Walmart, Walgreens, Service, Target, National Retail Federation, Brookings Institution, Brookings, Retail, The New York Times Locations: States, Brookings, San Francisco, Indiana, Fairfax , Virginia

☆ Crime spree? Retailers are actually overstating the extent of theft, report says
▼ + stars: | 2023-10-27 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

But some retail analysts and researchers, bolstered by local crime statistics, say stores may be over-stating the extent and impact of theft. Mentions of “organized retail crime” on companies’ earnings calls increased 43% from January through August from a year ago, the Chamber of Commerce found. Cities and states are passing new laws with harsher punishments for organized retail crime offenses and shoplifting. A Target spokesperson said that organized retail crime increased 50% in its stores since 2021. According to the Chamber of Commerce, 12 states have created new statutes, revised existing statutes, or created enhanced penalties for organized retail crime.

Persons: William Blair, Dylan Carden, Phillip Blee, James Kehoe, Kehoe, Alex Vitale, ”, Donald Trump, Judd Legum, Blair, “, Pew Organizations: New, New York CNN — Retailers, Retailers, “, National Retail Federation, Walgreens, Brooklyn College, Commerce, U.S . Chamber of Commerce, Republican, Costco, Chamber of Commerce, Pew Locations: New York, U.S, San Francisco, Oakland, Seattle, Portland

☆ Target says it's closing 9 locations over crime, but New York City crime stats surrounding its East Harlem store tell another story
▼ + stars: | 2023-10-07 | by ( Dominick Reuter | Jennifer Ortakales Dawkins | Alex Bitter | ) www.businessinsider.com time to read: +8 min

The company plans to open a location on 125th Street — less than 2 miles from the East Harlem store. A police cruiser outside a boarded-up retail store near Union Square in San Francisco in November 2021. Ethan Swope/Getty ImagesIn San Francisco, another complicated narrative on crimeIn San Francisco, a Target on Folsom Street location went viral earlier this year for its aisles of locked-down merchandise . AdvertisementAdvertisementWalgreens had been closing thousands of stores for years before it decided the fate of the five San Francisco locations. "That's why we're actively collaborating with legislators, law enforcement, and retail-industry partners to advocate for public-policy solutions to combat organized retail crime."

Persons: —, Djeneba Kone, she's, Brian Cornell, Jim Joice, Jennifer Ortakales Dawkins, Kone wasn't, That's, there's, Ethan Swope, shoplifters, James Kehoe, Kehoe, Cornell, we're Organizations: Service, Target, Aldi, Costco, East Harlem, New York City Police, St, Herald, East, Seattle Times, San Francisco Police Department, Walgreens, San, San Francisco Chronicle Locations: Harlem, Manhattan , New York, New York, San Francisco, Seattle, Spanish Harlem, El Barrio, Manhattan, Bronx, East Harlem, Columbus, SoHo, Folsom, Target's, Francisco

☆ Walgreens just made another big bet on healthcare, weeks after its CEO exited. A top exec shares how the company plans to partner with doctors.
▼ + stars: | 2023-09-12 | by ( ) www.businessinsider.com time to read: +5 min

In an interview with Insider, the head of Walgreens Health shared his vision for the business. It spent $5.2 billion to buy a majority stake in the primary-care company VillageMD and invested $3.5 billion to help the clinic chain acquire an urgent-care company. The company reported in June an operating loss of $1.4 billion in its Walgreens Health business in the first nine months of its fiscal year. Walgreens pharmacists could work with VillageMD doctors to better care for patients with chronic health conditions, he said. Integrating Walgreens' healthcare businessesWalgreens' strategy for how it would tie its growing number of individual healthcare businesses together hasn't been clear, but Driscoll gave some clues.

Persons: Rosalind Brewer, Brewer, James Kehoe, John Driscoll, Walgreens, Driscoll, Pearl Organizations: Walgreens, Walgreens Health, Shields Health Solutions, Pearl Health, CVS, Health, Amazon, Walmart Locations: Shields, Pearl

☆ Rosalind Brewer Steps Down as Walgreens Chief After a Short Tenure
▼ + stars: | 2023-09-01 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +3 min

Walgreens has been shifting away from pharmacy and retail to focus more on health care services, with mixed results. “While the wisdom of this move is debatable, health care is not Ms. Brewer’s forte.”Before joining Walgreens, Ms. Brewer was the chief operating officer of Starbucks and previously served as chief executive of Sam’s Club, a division of Walmart. As Walgreens leans more into the health care business, it faces several hurdles, industry experts said. It is rare for a woman to replace another female chief executive.

Persons: ” Neil Saunders, GlobalData, Brewer, Brewer’s, ”, James Kehoe, “, Walgreens, Stefano Pessina, Graham, Ms, Eli Lilly Organizations: Walgreens, Starbucks, Sam’s, Walmart, Deutsche, Deutsche Bank analysts, Amylin Pharmaceuticals, Guidant Corporation

☆ CFOs are stepping into a rapidly revolving door
▼ + stars: | 2023-08-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Aug 14 (Reuters Breakingviews) - Chief financial officers are stepping into an increasingly rapidly revolving door. loadingIn the first half of this year, 103 of the top 1,000 companies ranked by Fortune lost their CFO, according to executive search firm Heidrick & Struggles. CFOs are grappling with rising inflation and interest rates – in some cases, for the first time in their careers. High CFO turnover looks far from transitory. Follow @jennifersaba on TwitterCONTEXT NEWSTesla said on Aug. 7 that its Chief Financial Officer Zachary Kirkhorn was stepping down.

Persons: Elon Musk, Zachary Kirkhorn, Francois, Xavier Roger, Anna Manz, Fortune, Refinitiv, Ruth Porat, Morgan Stanley, Mike Cavanagh, NBCUniversal, Mike Lenz, Unilever’s, Graeme Pitkethly, Walt Disney’s, Christine McCarthy, James Kehoe, Crist Kolder, Tesla, Vaibhav Taneja, Kirkhorn, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Finance, Walgreens Boots Alliance, London Stock Exchange, Reuters Graphics Reuters, Comcast, Walgreens, CFOs, Thomson Locations: Swiss

☆ Walgreens has redesigned a Chicago store to put most of the products behind counters, and it could help cut down on theft
▼ + stars: | 2023-06-06 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Walgreens renovated a store in Chicago and moved most of the products off the shop floor. This could help the company cut down on theft amid a rise in organized retail crime. The company told the Sun-Times that the redesigned store in South Loop had more staff than the average store. Some customers told local news site Block Club Chicago that they felt the store had been redesigned to cut down on theft. Moreover, Kehoe said that theft isn't as much of a problem at Walgreens stores as it was.

Persons: —, CWB, James Kehoe, Kehoe Organizations: Walgreens, Service, Chicago Sun, Times, Sun - Times, Block, Chicago Locations: Chicago, South, CWB Chicago

☆ Store closures are hitting San Francisco as office vacancies and fears of crime are on the rise. Here's the full list of retailers pulling out of the city's downtown neighborhood.
▼ + stars: | 2023-05-27 | by ( Alex Bitter | Jordan Hart | ) www.businessinsider.com time to read: +3 min

Nineteen retailers have left San Francisco's Union Square area since 2020. The area has lost 17 retailers since 2020, The San Francisco Standard reported last month. Stores that have closed in downtown San Francisco over the last few years include:Most retailers haven't referenced crime specifically as their public rationale for closing. Unibail-Rodamco-Westfield, which owns the mall where Nordstrom is located, said that the department store's closure "underscores the deteriorating situation in downtown San Francisco," according to Bloomberg. Do you work in downtown San Francisco or have a story to share about store closures?

☆ Store closures are hitting Downtown San Francisco as office vacancies and fears of crime are on the rise. Here's the full list of retailers pulling out of the city's downtown neighborhood.
▼ + stars: | 2023-05-05 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Nineteen retailers have left San Francisco's Union Square area since 2020. The latest departures include Nordstrom and Office Depot, The San Francisco Standard reported. Stores that have closed in downtown San Francisco over the last few years include:Most retailers haven't referenced crime specifically as their public rationale for closing. Unibail-Rodamco-Westfield, which owns the mall where Nordstrom is located, said that the department store's closure "underscores the deteriorating situation in downtown San Francisco," according to Bloomberg. Do you work in Downtown San Francisco or have a story to share about store closures?

☆ Viral TikTok shows a Target San Francisco store going to extreme measures to deter shoplifters, with an entire aisle locked up
▼ + stars: | 2023-04-25 | by ( Dominick Reuter | Ben Tobin | ) www.businessinsider.com time to read: +4 min

A TikTok video showing an aisle of items including toothpaste and razors under lock and key has gone viral. News outlets cited it as further evidence of "a shoplifting crisis that has crippled retailers" in San Francisco. A recent study found low-cost items in the health and beauty section are a top target for retail thieves. The new TikTok video only shows one aisle and the rear of the store, and a Target spokesperson told Fox News that other aisles were not so heavily protected. "We're taking proactive measures to keep our teams and guests safe while deterring and preventing theft," a Target spokesperson said in a statement to Insider.

America's biggest retailers say organized retail crime has grown into a multibillion-dollar problem, but the effectiveness of their strategies to solve it and the validity of the data overall have come into question. However, the problem isn't as clear-cut as retailers and trade groups have made it seem. External retail crime accounts for only 37% of those losses, or about $35 billion, the NRF data shows. Still, law enforcement agencies and retailers insist organized retail crime remains an issue and said they stand behind their data. We see it every day in our stores," Scott Glenn, Home Depot's vice president of asset protection, told CNBC.

☆ A New York grocery store is using biometrics including eye scanners and voice prints to identify repeat shoplifters. Some shoppers say that's creepy — even if it deters theft.
▼ + stars: | 2023-03-17 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

New York City grocer Fairway is collecting biometric data on its shoppers to catch shoplifters, the New York Post reported. Fairway is gathering facial recognition and other biometric information, such as voice recordings, on shoppers at one of its Manhattan locations, the New York Post reported on Thursday. Fairway told the Post that its system will only be accessed by "trained asset protection associates." Nearly one-third of the arrests made for shoplifting in New York City last year involved the same 327 people, the Post reported in January. But an investigation that year by the San Francisco Chronicle found that the affected stores reported fewer than two shoplifting incidents per month leading up to the closures.

☆ Lowe's is testing 400-pound, egg-shaped autonomous robots to patrol parking lots at some of its stores
▼ + stars: | 2023-03-13 | by ( Ben Tobin | ) www.businessinsider.com time to read: +4 min

Lowe's is testing robots from Knightscope to help deter crime and promote safety at its stores. Lowe's is testing autonomous, 400-pound security robots from robotics company Knightscope to patrol parking lots at some of its stores to enhance safety, the company told Insider Monday. Lowe's said it began testing the Knightscope K5 robots in February in Philadelphia. Several TikTok users have posted videos of the robots patrolling the Lowe's parking lots, likening them to the popular Dalek villains from "Dr. Lowe's decision to test these autonomous robots comes as retailers have been sounding the alarms about rising levels of theft.

☆ Texas and Portland, Oregon, politicians take to Twitter to argue over why Walmart is closing stores
▼ + stars: | 2023-03-08 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Walmart has said its closing stores this year for many reasons and hasn't called out retail crime. Mayor Ted Wheeler replied on Monday, referring to "dozens of Walmart stores that have closed in Texas in recent years." "The retail industry is changing and retail theft is a national issue," he added. They say that the problem isn't individual shoplifters but organized retail crime that involves multiple thieves taking large quantities of goods from stores. Walmart CEO Doug McMillon told CNBC in December that Walmart would close stores and raise prices unless theft at its stores slowed down.

☆ New York mayor says retailers must force shoppers to remove masks when entering stores to prevent crime. 'It's not about being fearful of a pandemic.'
▼ + stars: | 2023-03-07 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

NYC Mayor Eric Adams said face masks obstruct stores from identifying potential shoplifters. "Do not allow people to enter the store without taking off their face masks," he told a local radio station. "Do not allow people to enter the store without taking off their face masks," Adams told a local radio station Monday. He added that once in the store, shoppers can feel free to wear face masks. Walmart President and CEO Doug McMillon said in December 2022 that stores would close and prices would rise if theft levels did not drop.

☆ You could be buying shoplifted stuff on Amazon, eBay, or Facebook Marketplace
▼ + stars: | 2023-01-24 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Many are selling stolen goods on online platforms to unwitting consumers. A Meta spokesperson said Facebook Marketplace prohibits the sale of stolen items and has "specialized teams that work with law enforcement to respond to legal requests." This e-fencing — the selling of stolen goods online — is not a new phenomenon. In recent years, many online platforms have already taken steps to crack down on the selling of stolen goods. To what degree the legislation, along with other measures, reduces the sale of stolen goods across these platforms remains to be seen.

☆ Walgreens exec: Security guards aren't there to 'protect product' after CFO called them 'largely ineffective'
▼ + stars: | 2023-01-22 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +3 min

CFO James Kehoe called the chain's security guards 'largely ineffective' in an earnings call this month. Security guards "are not there to protect the product," he said, per the Post. At the anti-theft summit, Stein said instead, locking up products has become an effective means for preventing theft at Walgreens stores, the Post reported. In October 2021, Walgreens CFO James Kehoe blamed the closing of five San Francisco stores on organized shoplifting. Kehoe also acknowledged that private security guards are "largely ineffective" and that police officers had more impact.

☆ Stores say shoplifting is a national crisis. The numbers don’t back it up
▼ + stars: | 2023-01-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Videos of brazen shoplifting incidents, like this one posted to social media in 2021, have turned retail theft into a national issue. The metric incorporates inventory losses caused by external theft, including organized retail crime, employee theft, human errors, vendor fraud, damaged or mismarked items and other losses. Whatever the numbers say, though, retailers maintain that organized retail crime has gotten worse. Organized retail crime typically refers to large-scale retail theft and fraud by groups of professional shoplifters who conspire to steal and resell stolen merchandise. The NRF estimates that organized retail crime costs companies an average of just 7 cents for every $100 in sales.

☆ Walgreens Revisits Shoplifting Security as Losses From Theft Drop
▼ + stars: | 2023-01-06 | by ( Sharon Terlep | Sarah Nassauer | ) www.wsj.com time to read: 1 min

Beauty products are locked in a case with a customer-service button at a Walgreens in New York City. Walgreens Boots Alliance Inc. said it might have taken anti-shoplifting efforts too far. The nation’s second-largest U.S. pharmacy chain by locations poured money last year into additional security, some of which executives said was ineffective, and it is now considering cutting back as losses from theft have dropped significantly, finance chief James Kehoe said Thursday.

☆ ‘Maybe we cried too much’ over shoplifting, Walgreens executive says
▼ + stars: | 2023-01-06 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

“Maybe we cried too much last year” about merchandise losses, Walgreens finance chief James Kehoe acknowledged Thursday on an earnings call. Kehoe’s message is a notable shift from comments about theft from Walgreens and other retailers like Walmart and Target over the last nearly three years. Companies and retail industry groups have tried to draw attention to shoplifting and “organized retail crime” rings smashing windows and grabbing aisles full of merchandise off shelves, urging lawmakers to crack down. One of the shuttered stores that closed had only seven reported shoplifting incidents in 2021 and a total of 23 since 2018, according to the newspaper. Overall, the five stores that closed had fewer than two recorded shoplifting incidents a month on average since 2018.

☆ Walgreens may have overstated theft concerns, CFO says
▼ + stars: | 2023-01-05 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

A top Walgreens executive on Thursday acknowledged the company may have overblown concerns about thefts in their stores after shrinkage stabilized over the last year. He also said the company would consider moving away from hiring private security guards. Over the last two years, Walgreens has been raising the alarm about increased theft. As a result, it hired private security guards and locking up merchandise so it can't be accessed without a store associate. The company is using more law enforcement as opposed to private security, he added.

☆ Walgreens executive says the company 'cried too much' about theft and may cut back on private security guards
▼ + stars: | 2023-01-05 | by ( Ben Tobin | ) www.businessinsider.com time to read: +3 min

Walgreens CFO James Kehoe said the company overstated theft concerns in 2022. Kehoe said at the start of 2022 that the company's retail shrink rate had increased by 52% from 2020. The CFO called private security firms "ineffective" and said the company plans to rely on police instead. Kehoe's comments come after months of other retailers sounding the alarm about retail theft. "This is not petty theft," Kehoe said in a January 2022 investor call.

Jan 5 (Reuters) - Walgreens Boots Alliance (WBA.O) said on Thursday it will not strike new deals in the short term after a spate of acquisitions in recent years, as it focuses on ramping up sales at its newer healthcare business. "We're not considering any M&A type activity in the short term. We need to focus on integration activities," Chief Financial Officer James Kehoe said in a post-earnings conference call. Walgreens said same-store pharmacy sales rose 4.8% in the reported quarter from a year earlier, but below Evercore ISI's estimates of 5% growth. Net loss attributable to Walgreens was $3.72 billion, for the quarter ended Nov. 30, compared with a profit of $3.58 billion, a year earlier.

☆ Organized retail crime has ballooned into a $100 billion problem — and store employees are dying over it
▼ + stars: | 2022-12-18 | by ( Avery Hartmans | Ben Tobin | ) www.businessinsider.com time to read: +9 min

Organized retail crime increased by 26.5% in 2021, according to the National Retail Federation. It's organized retail crime, and it's a nearly $100 billion problem for the industry. A 2022 study the National Retail Federation conducted found that organized retail crime at retailers surged by 26.5% in 2021 compared to the year prior. Organized retail crime is not the $10,000 jewelry heist you see in the movies, Jake Stauch, the director of product for the security company Verkada, said. The rise of e-commerce has, in large part, fueled organized retail crime.

☆ Walgreens Chases Customers It Lost During Covid Focus
▼ + stars: | 2022-10-14 | by ( Katie Deighton | ) www.wsj.com time to read: +4 min

Walgreens Boots Alliance Inc. is planning to reinvigorate its pharmacy business partly through a marketing push designed to regain customers that stopped spending with the chain during the Covid-19 pandemic. The program lets executives analyze where customers are shopping and what they are buying, and use that information to reach out to them with more personalized marketing, Ms. “This is primarily a digital plan.”Walgreens plans to assess data to group customers into various communities, depending on what their needs are and where they shop, according to Ms. Brown, the customer chief. But a community of “support seekers,” who may need more pharmacy support, would be targeted with marketing around a store’s pharmacy services, Ms. Brown said. Walgreens in May named former Calvin Klein executive Linh Peters as its chief marketing officer, in part because of her experience leading marketing and loyalty programs at Starbucks, Best Buy, Target and Ulta.

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