What’s behind this alarming trend?
Theft at Home Depot stores has been “growing double-digit year over year,” the retailer’s VP of asset protection, Scott Glenn, recently told ABC News.
“More and more we’re seeing the risk being brought into the stores, and people being hurt or people even being killed in many cases because these folks, they just don’t care about the consequence,” Glenn said.
To reduce the risk of theft and other crimes in its stores, Home Depot has started locking up high-value items, some of which Decker says may surprise customers.
“They’re not all big — they’re not all power tools and generators. You can have a circuit breaker — [worth] $50, $60, $80 — those are all high-theft items.”
When asked if Home Depot would have to shutter certain stores — following the footsteps of other retail giants — the CEO says the retailer has so far managed to avoid that.
However, Decker says the company is increasingly concerned over the safety of their employees and customers. As a result, they’ve invested more in security guards, more lighting in their parking lots and recording towers.
“It’s not a place in retail that many of us thought we would be,” he said.
Don't miss
- Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger
- Car insurance premiums in America are through the roof — and only getting worse. But 5 minutes could have you paying as little as $29/month
- These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Here's how
Avoiding stolen goods online
When it comes to organized retail crime, “a lot of this product is [re-sold] on online marketplaces,” Decker said.
To counter this, the retail giant has been working with local, state and federal governments to help them understand the problem and come up with a viable solution.
Late last year, Congress passed the INFORM Consumers Act. The act requires online marketplaces to collect, verify and disclose certain financial and identifying information from “high-volume third-party sellers” — those with more than 200 transactions and $5,000 in revenue in a 12-month period.
INFORM Consumers, which took effect June 27, aims to increase the transparency of online transactions, while also deterring criminals from using online marketplaces to sell stolen, counterfeit or unsafe items.
Decker said he’s “super happy” the bill passed as “it’s going to make those marketplaces vet their sellers.”
In the meantime, the big-name retailer must continue “to manage” its theft challenges and cope with the “pressure on [its] gross margin,” the CEO added.
Correction, Dec. 12, 2023: An earlier version of this story incorrectly stated that the NRF estimated “theft” was costing the retail industry $100 billion. In fact, it estimated that “shrink” was costing the industry $100 billion. Shrink refers to loss of inventory and can include, but is not limited to, theft.
What to read next
- Cost-of-living in America is still out of control — use these 3 'real assets' to protect your wealth today), no matter what the US Fed does or says
- Jeff Bezos and Oprah Winfrey invest in this asset to keep their wealth safe — you may want to do the same in 2024
- Stop crushing your retirement dreams with wealth-killing costs and headaches — here are 10 'must-haves' when choosing a trading platform (and 1 option that has them all)
