Extra: Shoplifting Is Big Business For Criminals

The Fox News Rundown

FOX News Podcasts

Politics, Daily News, News

3.4 • 1.7K Ratings

🗓️ 30 September 2023

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Retailers call it shrink. The rest of us call it theft. An increase in shoplifting and looting has some big retail chains closing stores in big cities. Earlier this week, the FOX News Rundown's Dave Anthony spoke with Former Target Vice Chairman Gerald Storch about how crime is forcing companies to rethink how and where they operate. While theft has always been a concern for businesses, Storch explained how the current surge compares to the past and why he thinks it will get worse before it gets better. He also explained criminals know how take advantage of our justice system and use stolen merchandise to make major profits with little risk. We made edits for time and thought you might like to hear our entire conversations with retail expert Gerald Storch. On today's FOX News Rundown Extra, you'll learn even more about why shoplifting is on the rise and how it's become big business for the bad guys. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Fox News rundown Extra.
0:07.0	I'm Dave Anthony.
0:10.0	Today, shrinkage, what the retail industry calls theft or shoplifting, that continues to
0:17.2	cost them more and more.
0:19.6	The National Retail Federation's retail crime accounted for $112 billion in losses
0:25.8	for companies last year alone and it is growing.
0:29.3	This week, Philadelphia, God, you might have seen the videos, a wave of shoplifting and
0:34.1	looting as groups ransacked a bunch of stores, but that is hardly the only city that's
0:39.7	happening.
0:40.7	Also, this week, Target announced it's going to close 9 locations in New York City
0:45.3	in Portland, Seattle and San Francisco.
0:47.8	So we talked to someone who used to be a vice chairman at Target, Jerry Storch, who
0:52.7	now runs his own retail advisory company and he had a lot to say about this rise in
0:57.8	retail crime.
0:58.8	And much so, we couldn't fit it all in Friday's rundown segment.
1:03.1	Today, we let you hear all of it.
1:05.4	And as always, we appreciate you listening.
1:08.2	We invite you to come back for more every day.
1:11.5	And now, my conversation with Jerry Storch on the Fox News rundown Extra.
1:21.8	Joining us again on the Fox News rundown is Jerry Storch, CEO of Storch Advisors, his
1:26.5	retail advisory firm.
1:28.2	He was the former CEO of Toys R Us and Chairman and former CEO for HBC, which is the parent
	...

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