The Rise In Retail Thefts Is Hurting More Than Just Best Buy's Wallet

As worker shortages continue to impact the labor market, Best Buy CEO Corie Barry said Tuesday that its employee retention could be threatened by recent retail thefts that have drawn extensive media coverage.

Barry also said that some people enter stores with weapons, including guns and crowbars. And while the retailer has seen an increase in criminal activity nationwide, the San Francisco Bay Area has been a troublesome location.

“We are seeing more and more particularly organized retail crime,” Barry said. “These are traumatic experiences and they are happening more and more across the country.”

Barry also emphasized the company’s desire to prioritize the safety of both customers and employees and stated that vendors will begin to lock up various products, while stores will also hire more security guards. The company also plans to continue working with other retail groups for further solutions.

Best Buy isn’t the only retailer dealing with an increase in theft, as CVS, Walgreens and Nordstrom have also reported growth in criminal activity. Walgreens has said that it will need to close certain stores as a result.

Barry explained that the increase in criminal activity is difficult to stop and that it might be playing into the decisions employees make when it comes to whether or not they leave their jobs.

“When we talk about why there are so many people looking for other jobs or switching careers, this, of course, would be something that would play into my concerns for our people because, again, priority one is just human safety,” she said. “And it’s hard to deal with this potentially multiple times in one location.”

Best Buy stock dropped 16% to $115.92 on Tuesday.