The increased theft and crime rates have a negative impact on stores all around the nation, and one former industry CEO is criticizing the Biden administration for “fueling a lawless culture.”
On Friday’s “Cavuto: Coast to Coast,” former Home Depot CEO Bob Nardelli remarked, “I dread where this is heading.” He said we have to bring this situation under control because the current government is creating an atmosphere that encourages lawlessness.
The effects of growing crime on businesses’ bottom lines are becoming more apparent, and Nordstrom is just the latest example.
The high-end retail store reported a 7.9% quarterly sales fall and full-year revenue reduction on Thursday.
Theft has also harmed profits at Dick’s Sporting Goods.
Earlier this year, several of these CEOs expressed concern about the impact of a rise in “shrink” on their companies.
The list of retail giants includes Macy’s, Home Depot, Dick’s, and Lowe’s. And now Target is forecasting a loss of $1.2 billion. The nice phrase, said Nardelli, for this is “shrink.” The truth is that it was stolen.
The crime epidemic is already exacerbating inflationary pressures on American consumers.
He asked, who is going to foot the bill for everything? It’s going to cost someone, he said. Nardelli stated that consumers will have to pay more for items to cover the loss caused by shoplifters.
“When it happens this autumn, I think it’s going to be a very tough Christmas season, probably hard for most shops,” he said.
According to Nardelli, rising crime rates have a multiplicative effect on business losses.
In addition to the criminal activity, two employees at Home Depot were killed. An elderly guy was shoved to the ground. His life was cut short. A guard at the gate was shot,” he said.
Nardelli stressed the significance of regaining control of the existing “lawless” society because of the widespread effects of crime throughout the country.