Post #27893 by commonone on the US Policy board

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hclasvegas: Every now and then you might want to read an annual report. Start in the retail sector if you like the facts.

Do you mean the fact that retailers like Walgreens have admitted they were lying about retail theft?

Walgreens received national attention in October 2021 when it announced that it was closing five stores in San Francisco, citing shoplifting as the reason for the closures. In June 2021, a video of someone shoplifting from a San Francisco Walgreens on his bicycle and, with a garbage bag filled with stolen merchandise, riding past a television news reporter and security guard, drew millions of views.

The San Francisco Police Department’s data on shoplifting did not support Walgreen’s explanation for the store closings, according to an October 2021 analysis by The San Francisco Chronicle. The analysis said that while not all shoplifting incidents were reported to the police, one of the stores that closed had only seven reported shoplifting incidents in 2021 and a total of 23 since 2018.

Speaking for Walgreens, James Kehoe, the company’s chief financial officer, said the company had "mischaracterized" how much theft took place in its stores. And that "shrinkage" can also be attributed to product damage and loss of goods, theft by employees and vendor fraud.

I guess "mischaracterization" is fancy CEO talk for "lied".

https://www.nytimes.com/2023/01/06/business/walgre...

https://www.cnn.com/2023/01/06/business/walgreens-...

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