Retailers that were already struggling to rebuild their businesses and attract customers due to the COVID-19 pandemic are now faced with large-scale theft and looting, much of it stemming from organized crime.
54% of small business owners experienced an increase in shoplifting in 2021 and the average large retailer lost $700,000 per $1 billion in sales as of 2020 — an increase of more than 50% over a five-year period, according to the National Retail Federation.
“These crimes are not victimless,” the US Chamber of Commerce said in a release. “In addition to the growing number of thefts that turn violent, innocent consumers, employees, local communities, and business owners and shareholders bear the costs of rising retail theft.”
What can be done, how big of an issue is retail theft in your local area, and what role can Congress play?
Neil Bradley, Executive Vice President and Chief Policy Officer, U.S. Chamber of Commerce appeared on KPRC 2+ to answer those questions and more.
For their insights, watch the full discussion in the video player at the top of the page.