Former Home Depot CEO Sounds Alarm

Crime

As retailers nationwide struggle with rising crime and theft, former Home Depot CEO Bob Nardelli called out the Biden administration for “fueling a lawless society.” The reality of this alarming situation is that consumers are feeling the brunt of these increases in crime.

 “This environment under this administration is fueling a lawless society and we’ve got to get this back under control. I fear where this is headed,” said Nardelli on “Cavuto: Coast to Coast” Friday. 

The crime wave is impacting sales in upscale department stores like Nordstrom which reported sales falling 7.9% in the second quarter and expects a revenue decline for the year due to the increasing crime wave. Other companies such as Dick’s Sporting Goods, Kohl’s, Foot Locker, Target, and Walmart have all seen an uptick in theft impacting their sales figures too – something they warned about earlier this year.

 Nardelli explained what these “shrinks” really mean… It’s plain old theft. You just look at the list of retail companies, whether it’s Home Depot, Lowe’s, Macy’s, Dick’s, and then you look at Target, they’re now projecting $1.2 billion, again, the polite word is shrink. The reality is its theft,” he told host Neil Cavuto. 

Not only does increased crime hurt profits but it also impacts consumer prices, meaning shoppers have to pay more for goods to offset costs associated with theft or shoplifting activities. 

Former Toys “R” Us CEO Gerald Storch commented on how reports from retailers show that consumers are stressed and reluctant to buy goods due to inflationary pressures caused by higher prices from retailers trying to cover costs associated with rising crime rates. 

Storch issued a warning regarding challenging times ahead during the upcoming holiday shopping season: “When that comes this fall I believe it’s going to be a very difficult holiday season certainly challenging for most retailers.” 

However, it’s an unfortunate truth that profits aren’t the only things being affected but lives are too. “Not only crime but unfortunately, Home Depot lost two associates. They pushed an elderly man to the floor. He died. A security guard, shot,” Nardelli shared

Nardelli’s examples of lost lives illustrate how serious things can get when there isn’t more about controlling crime rates nationwide. 

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