Financial Stress Leads To Increase In Shoplifting

: Chris Lee Law Firm

  Filed under: News

 

Shoplifting has spiked dramatically in recent years, especially since the start of the pandemic. This increase in shoplifting could be problematic for personal economies, and has the potential to generate widespread unforeseen consequences.  According to the National Association for Shoplifting Prevention, nationwide crises precipitate spikes in shoplifting. After  9/11, shoplifting increased by 16%. An increase in shoplifting around 34% was reported following the 2008 recession. Perhaps even more disheartening is that the increase in shoplifting has pivoted towards stealing of essential, daily items such staples like bread, pasta, diapers and baby formula.

Nearly all small businesses experience some amount of shoplifting each year. However, a recent study by business.org reports a 40% increase in shoplifting since the pandemic began. The financial consequences of shoplifting for the business have increased from $20 billion to around $29.4 billion. A look at the consequences of such increases highlights the long term concern of shoplifting: increased costs of goods.

This creates a loop of financial distress, which then provides the motivation people need to shoplift bare essentials to provide for their family; which then circles back to the business now being faced with financial loss due to the loss of revenue from stolen goods. The business must then face the decision to raise prices to alleviate the revenue loss from stolen goods, or be faced with financial hardships that may close their doors.

While financial hardships are not new to businesses and individuals, the severity in which people are experiencing them is new. If you or your business are experiencing problems with financial hardship or difficulty satisfying your debt obligations, contact a Dallas bankruptcy lawyer at our office for information about financial relief options.


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