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Gerald Storch, CEO of Storch Advisors and former CEO of Toys”R”Us, reacts to a new report revealing that shoplifting has increased 24% in the United States so far this year.
The high crime rate in American cities is contributing to the migration of consumers to Amazon, according to the CEO of the food shopping platform.
Amazon CEO Andy Jassy told an investor meeting on Thursday that the unpleasant experience of visiting an urban pharmacy has caused many shoppers to shop online for their necessities.
Jassy said that going to a regular pharmacy in an urban setting is “a pretty complicated delight, what with all the locked cabinets. . . where you have to press a button for someone to come out and open the cabinets for you. . . “and the robberies continue. ” in the store. “
Thieves point to inflation and the economy as the main reasons for theft
Amazon CEO Andy Jassy arrives at the Los Angeles Premiere of Amazon Prime Video Series “The Lord of the Rings: Rings of Power” held at Culver Studios in Los Angeles, CA (Michael Buckner/Variety Getty Images/Getty Images)
“The combination of what has happened in the physical world and the innovations we have made in our pharmaceutical experience is attracting a lot of customers,” he continued.
Amazon launched its pharmacy in late 2020; The business has only grown as the online page continues to expand its offerings beyond its limited initial inventory.
Crime in urban centers in recent years has forced pharmacy chains such as CVS to close their outlets or tighten security by adding obstacles such as locked cabinets.
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The deodorant is displayed in locked boxes to prevent theft from a pharmacy and a Duane Reade pharmacy in New York City. (ANGELA WEISS/AFP via Getty Images/Getty Images)
The challenge for chains in many cities is the lack of follow-up by the local government when it comes to the consequences against thieves.
CVS CEO Karen Lynch said earlier this year that the company is working with general counsel to investigate and prevent brazen retail theft that is rampant in the industry.
During an interview with “CBS Evening News” in March, Lynch explained that even the cheapest ones are locked up because thieves break in and “destroy. . . the total counter. “
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Row after row of nearly empty shelves are photographed at a CVS pharmacy in Washington, D. C. due to widespread theft. (FOX Five/Fox News)
He remembers watching a video of a car walking through the front door of one of his outlets at night: six men jumped out of it and “looted the entire CVS,” he said.
The company has implemented new security measures in recent years. However, Lynch said they are also “working intensively with law enforcement and attorneys general, because they are not prosecuted, and they will have to be prosecuted. “
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