Crazy Money Day! Cost of Shoplifting

It’s Crazy Money Day!

Did you hear about the customer who claimed he used to buy groceries once a week with a $20 bill? Not anymore he says… “Those stores have cameras everywhere!” Well, that’s a bad joke!  A 2021 National Retail Security Survey reported that a majority of retailers experienced a rise in organized crime. Strategic Resource Group says, “For every $330 worth of products stolen, a retailer has to sell an incremental $300,000 worth of goods just to break even.” Professional thieves and organized crime rings resell items on Amazon or Facebook. They like designer clothing, handbags, laptops, and high-end appliances. Other thieves go for liquor, pain relievers, allergy meds, baby formula and even laundry detergent. One west coast ring stole $8,000,000 of goods from CVS, Target and Walgreens. A mob of 80 did a smash-and-grab at Nordstrom’s. A group of 7 stole half a million dollars of items from a luxury consignment shop in Manhattan just in February.

Store theft is expensive. Retail crime results in hundreds of billions in lost economic activity. This hurts the entire community. Gangs and people armed with weapons frighten away customers and employees. Some retailers have to hire security while others lock up their products. The Bible says “Do not steal.” Rather, “You shall love your neighbor as yourself.” In other words, don’t rob your neighbor! Would you want him to rob you?  

Now if you’ve been blessed with My MoneyLife, I invite you to discover the Crown Stewardship Podcasts. They focus on helping you find freedom in your finances and career. You can subscribe on Spotify and iTunes, or listen at Crown.org.