{"id":12795,"date":"2023-05-23T18:27:44","date_gmt":"2023-05-23T22:27:44","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/organized-retail-crime-is-definitely-a-thing-says-bjs-ceo-we-see-it-and-it-is-material\/"},"modified":"2023-05-23T18:27:46","modified_gmt":"2023-05-23T22:27:46","slug":"organized-retail-crime-is-definitely-a-thing-says-bjs-ceo-we-see-it-and-it-is-material","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12795","title":{"rendered":"Organized retail crime is definitely a thing, says BJ\u2019s CEO: \u2018We see it, and it is material\u2019"},"content":{"rendered":"
\n

The impact of organized retail crime has been a theme of retail earnings season, with BJ\u2019s Wholesale Club Holdings Inc. CEO Bob Eddy the latest executive to weigh in on the issue.<\/p>\n

\u201cOrganized retail crime is definitely a thing,\u201d he said, during a conference call to discuss the company\u2019s first-quarter results Tuesday. \u201cWe see it, and it is material,\u201d he added.<\/p>\n

\n

The issue of inventory \u201cshrink\u201d caused by theft and organized retail crime was cited by Target Corp.
\n TGT,
\n -3.13%<\/bg-quote>
\n when it reported its fiscal first-quarter results last week. Walmart Inc.
\n WMT,
\n -0.19%<\/bg-quote>
\n also described the issue as \u201cchallenging\u201d during the conference call to discuss its first-quarter results last week.<\/p>\n

BJ Wholesale\u2019s
\n BJ,
\n -7.26%<\/bg-quote>
\n Eddy explained that he talks to his counterparts in the retail industry about the problem. \u201cThey are definitely seeing it in their businesses,\u201d he said. However, BJ\u2019s Wholesale benefits from its card-based membership system when it comes to tackling theft, according to Eddy. The company\u2019s team has also done \u201creally wonderful work\u201d keeping track of inventory, keeping shrink as low as possible, and keeping members and employees safe, he added.<\/p>\n

Related: BJ\u2019s Wholesale stock falls toward 4-month low after profit matches expectations but revenue misses<\/strong><\/p>\n

But the CEO identified some parts of the U.S. that pose a particular challenge when it comes to shrink. \u201cIt is a much more pointed problem in certain places, particularly on the West Coast or places like Chicago or Albuquerque that have blue state or local blue governments that don\u2019t really feel like prosecuting crime,\u201d Eddy said. \u201cMy view is the government\u2019s first obligation is to provide a safer environment for people to do their daily business and in some places that\u2019s not happening. But politics aside, I think you continue to see this be a problem that the retail industry as a whole needs to work on.\u201d<\/p>\n

BJ\u2019s Wholesale declined to provide additional comment when contacted by MarketWatch.<\/p>\n

Last year the National Retail Federation\u00a0reported\u00a0that retail industry shrink was $94.5 billion in 2021, up from $90.8 billion in 2020 \u2014 primarily driven by external theft, including organized retail crime. The NRF\u2019s National Retail Security Survey, which was conducted with the Loss Prevention Research Council, found that retailers, on average, saw a 26.5% increase in organized retail crime incidents in 2021. Eight in 10 retailers surveyed also reported that the violence and aggression associated with organized retail crime incidents increased.<\/p>\n

Like many retailers this earnings season, BJ\u2019s Wholesale also cited discretionary spending pressure when it reported first-quarter results, with Eddy saying that members are working \u201cto stretch their dollars.\u201d<\/p>\n

Related: Target battling inventory \u2018shrink\u2019 caused by theft and organized retail crime, says CEO<\/strong><\/p>\n

The CEO added that consumers are being \u201creticent\u201d when it comes to purchasing big-ticket items. \u201cIt\u2019s a very picky consumer out there at this point, from a high-ticket perspective,\u201d he said, citing products such as patio sets and \u201chigh-dollar\u201d electronics. However, BJ\u2019s Wholesale noted strength in its grocery and apparel businesses.<\/p>\n

The retailer gave an update on its plans to expand its club footprint. \u201cThis year we continue to expect to open around 11 new clubs,\u201d Eddy said. BJ\u2019s Wholesale opened two new clubs during the first quarter, according to Eddy, and expects to enter its 19th<\/sup> state next month, when it enters the Nashville, Tenn., market. The company also opened three new gas stations during the first quarter.<\/p>\n

BJ\u2019s Wholesale exited the first quarter with 237 clubs and 167 gas stations in 18 states. <\/p>\n

The company\u2019s stock fell 7% Tuesday, outpacing the S&P 500
\n SPX,
\n -1.12%<\/bg-quote>
\n index\u2019s decline of 1.1%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The impact of organized retail crime has been a theme of retail earnings season, with BJ\u2019s Wholesale Club Holdings Inc. CEO Bob Eddy the latest executive to weigh in on the issue. \u201cOrganized retail crime is definitely a thing,\u201d he said, during a conference call to discuss the company\u2019s first-quarter results Tuesday. \u201cWe see it, […]<\/p>\n","protected":false},"author":1,"featured_media":12796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-12795","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nOrganized retail crime is definitely a thing, says BJ\u2019s CEO: \u2018We see it, and it is material\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The impact of organized retail crime has been a theme of retail earnings season, with BJ\u2019s Wholesale Club Holdings Inc. 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