Many businesses in big cities are closing their doors as retail theft continues to rise across the country.
Target announced it was pulling out of a deal to lease this space under construction in Philadelphia's University City neighborhood not saying specifically why but the company has been beset with problems with retail theft. And retail theft continues to rise here in Philadelphia.
Take a look at the numbers: 15,000 cases reported thus far this year. That's only the reported cases. That's up about 30% from last year which was also a bad year. Target announced earlier that it was closing nine stores across the country, specifically because of retail theft in places like Seattle, Portland, San Francisco, Oakland, and New York City. And of course, the problem isn't just at Target.
Take a look at the numbers from last year: $112 billion in losses from retailers as a result of theft. And this year, the U.S. Chamber of Commerce says S&P 500 companies alone will face a 43% increase in retail theft. What's being done about it? Nineteen states across the country have passed tougher retail theft laws. In a lot of places, prosecutors have been reticent to prosecute small cases of retail theft. They say that it doesn't do much in terms of having a chilling effect on it.
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