Target had their first-quarter earnings call and had to admit to Wall Street and investors that their hard turn to all things woke had resulted in a $500 million increase in lost revenue in organized retail crime.
This is something you would think should cost a CEO his job. On top of the lost revenue, the downstream effects include slower sales because shoppers are scared to come to the stores at night — and in many cases, they should be.
CEO Brian Cornell wasn’t exactly saying anything that wasn’t obvious when he told analysts, “The problem affects all of us, limiting product availability, creating a less convenient shopping experience, and putting our team and guests in harm’s way.”
Umm yeah, that’s pretty obvious, chief. And who caused all those problems?
How about a plan about how you might prevent crime in the future? Or make the environment safer for shoppers? How about showing any resistance to thieves who stroll in and pick your shelves clean?
Target did what big retailers should never do; they missed Wall Street’s earnings expectations for three straight quarters. Shareholders are not happy, as the retail giant has become a shell of itself because of years of bad decision-making.
There is no question that the problem will only worsen as long as soft-on-crime DAs control big cities around the country and refuse to prosecute thieves.
What used to be a felony in many cities is now just part of big-city life in 2023.
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