Best Buy has a major problem they are faced with. Organized groups of thieves are stealing so much product that it has affected their earnings reports.
We’re not talking about a thief snatching a Smart Mouse, flash drive, or cell phone and sneaking out of the store. The company sees gangs of up to a dozen people brandishing crowbars or even guns, storming the big-box retailer, and loading up on expensive electronics.
The worst area, of course, is Northern California, where it’s become increasingly difficult for a criminal even to be charged with a felony because of lax laws that have led to rampant theft throughout No Cal.
CEO Corie Barry had to address the problem Tuesday when talking to investors and analysts.
“We are seeing more and more particularly organized retail crime. You can see that pressure in our financials, and more importantly, frankly, you can see that pressure with our associates. It’s traumatizing.”
Barry has a problem; the CEO is forced to deal with the pressures Wall Street is putting on the company to keep sales and profits up while keeping employees who have to put up with the ridiculous crime sprees that politicians have helped create.
Oh, on top of that, consumers are increasingly shying away from big retail stores.
Best Buy shares tanked this week by 17%, the most significant falloff since March 2020, when the pandemic started.
Best Buy is not alone. Other retailers in Northern California are being crushed by thugs and criminals. Walgreens stores are frequent targets, along with cannabis dispensaries and even luxury stores like Nordstrom’s and Louis Vuitton.