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Corporate America is starting to recognize the financial impact of woke crime policies.
According to the National Retail Federation, organized shoplifting and flash mob robberies resulted in $100 billion in losses for businesses in 2021, and the situation has only worsened since then. Former Home Depot CEO Bob Nardelli even described Biden’s America as a “lawless society.”
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Such a lawless society is detrimental to businesses, both large and small. Companies like Whole Foods, Walmart, Walgreens, Nordstrom, Dick’s Sporting Goods, and Lululemon have all suffered as a result. Even mom-and-pop stores have been impacted.
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While all businesses anticipate some theft, known as “shrinkage” in the industry, this recent surge in crime takes it to a whole new level. Consequently, companies have been forced to close stores, revise earnings projections, and experience financial losses, harming shareholders and the communities they serve.
LAPD said 18 suspects, from ages 15 to 20, were apprehended in a significant organized retail theft operation. (LAPD)
So, why is this happening now? The answer is straightforward: rogue prosecutors backed by George Soros. In numerous major cities, these so-called public servants refuse to prosecute petty thieves and even label their illegal actions as “quality of life” crimes that supposedly don’t harm anyone.
But that’s a lie.
These crimes not only negatively impact businesses but also harm employees and residents who rely on those businesses for their needs. As stores close due to the risks and losses caused by repeated thefts, local residents are left with limited shopping options and may have to travel further distances, resulting in higher prices. Additionally, employees and customers face danger from these criminals.
For example, a Home Depot security official in California was shot and killed by a thief, and an elderly worker in North Carolina died after being pushed to the ground by a shoplifter. The list of victims goes on.
Until recently, CEOs have been hesitant to acknowledge the widespread theft issue in their stores, fearing the political implications and reluctance to blame rogue prosecutors and those advocating for defunding the police.
However, when their store employees face repeated assaults from mobs that empty the shelves, they are compelled to speak out.
In various earnings calls this year, CEOs and executives have begun highlighting the true impact of these pro-criminal policies on their financial performance. Home Depot’s CFO, Richard McPhail, stated that the company’s gross margin decreased due to significant shrinkage. Target’s CEO, Brian Cornell, described the level of retail theft as unacceptable and acknowledged a substantial increase in shrinkage compared to previous years. Walgreens also recognizes retail crime as a major challenge.
Until recently, CEOs have been reluctant to even admit that rampant theft in their stores has been a problem because they don’t want to appear political and place the blame where it belongs — with rogue prosecutors and others who call for defunding the police.
There is a straightforward solution to this issue: prosecute every thief, even for minor offenses. Failing to do so only contributes to a lawless society, and criminals must be held accountable.
It’s time for local district attorneys in Los Angeles, Chicago, San Francisco, New York City, and other places to fulfill their responsibilities. Businesses, employees, customers, shareholders, and investors deserve nothing less.
Zack Smith is a legal fellow at The Heritage Foundation, a former prosecutor, and co-author of “Rogue Prosecutors: How Radical Soros Lawyers Are Destroying America’s Communities.”
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