#retail
Upcoming Ram temple is good for business in India’s Ayodhya
Ayodhya is getting a business boost as the city gears up for millions of tourists to see the controversial Ram temple.#Economy #BusinessandEconomy #Politics #Religion #Retail #Asia #India
Upcoming Ram temple is good for business in India’s Ayodhya
Ethnic conflict in India’s Manipur has ‘completely ruined’ businesses
More than eight months of ethnic violence in Manipur has led to an unprecedented loss to the economy and business.#Economy #Features #BusinessandEconomy #Conflict #Inflation #Politics #Retail #Unemployment #Asia #India
Ethnic conflict in India’s Manipur has ‘completely ruined’ businesses
Sanctions threat looms over Bangladesh’s garment sector ahead of elections
Garment manufacturers worry a one-sided national vote could lead to economic sanctions for the nation and them.#Economy #Boycott #Divestment #Sanctions #BusinessandEconomy #Elections #FinancialMarkets #Manufacturing #Politics #Retail #Asia #Bangladesh
Sanctions threat looms over Bangladesh’s garment sector ahead of elections
Smell that: The rise of India’s ittar industry
Natural perfumes are seeing a resurgence thanks to a handful of start-ups offering old and new fragrances.#Economy #Features #BusinessandEconomy #Retail #Asia #India
Smell that: The rise of India’s ittar industry
What comes after retail's false 'organized crime' claim
Sensationalized videos of young people looting stores brought to life one of the biggest business stories of the year: the rise in retail crime.
Target (TGT), Home Depot (HD), and Dick's Sporting Goods (DKS) were among the big names who used their earnings calls to highlight the problem of “shrink,” the industry catch-all term for merchandise that goes missing without being paid for. Target even said it was closing nine stores due to retail theft.
Episodes of organized retail crime fueled a panic over brazen criminality. And the shocking clips on social media were grounded by the sober reality of startling statistics.
But it turns out a key claim at the heart of the retail crime story was wrong, turning the entire ordeal into a lesson for investors, media, and readers on the importance of raising an eyebrow when something sounds... off.
And, for the retail industry, one about crying wolf.
A prominent lobbying group, the National Retail Federation, recently retracted a widely cited estimate that “organized retail crime” accounted for “nearly half” of the $94.5 billion in total lost merchandise in 2021.
The NRF said the inaccurate statement was a mistaken inference. The group has since updated the report and in its latest findings does not offer an estimated loss amount that is specific to organized retail crime.
Neil Saunders, a retail analyst at GlobalData, said the flawed data underscores that there isn’t an objective and comprehensive source of retail crime information that is quantified or evidenced properly.
“It speaks to the fact that some of the narratives about crime are based on information that is not truthful,” he said.
NEW YORK CITY - SEPTEMBER 28: Products are locked behind glass as a person shops at a Target store in the Harlem neighborhood in Manhattan on September 28, 2023 in New York City. Citing “theft and organized retail crime,
Products are locked behind glass as a person shops at a Target store in the Harlem neighborhood in Manhattan on Sept. 28, 2023, in New York City. (Spencer Platt/Getty Images) (Spencer Platt via Getty Images)
Even at the height of the retail crime narrative, some experts rightfully cast skepticism on the claims of rampant theft. Without denying that shoplifting and orchestrated stealing were problems, they questioned how corporate execs, political leaders, and media outlets wielded those claims to advance their own agendas, whether that was to mask sinking profits, prop up a bogeyman, or fearmonger over what was portrayed as urban decay and American lawlessness.
Before this latest retraction, the retail theft saga was complicated by another high-profile backtrack.
Walgreens CFO James Kehoe admitted earlier this year that the pharmacy chain "cried too much" about theft during an earlier earnings call that helped foment a nationwide squall over shoplifting.
This isn’t to say that other business leaders spewed misinformation that they should now recant. But in light of the withdrawn claim, it’s unsettling to consider the impact of all the official statements and media coverage that were based at least in part on a gross exaggeration.
Of course, the NRF shouldn't be blamed for admitting the error. The correction will help set the record straight. Through it all, the group stands by its assertion that organized retail crime is a serious problem, which independent analysts with their own perspectives say is true, though the pervasiveness is much more modest.
But while faulty figures can be fixed, how do you retract an idea?
https://finance.yahoo.com/news/what-comes-after-retails-false-organized-crime-claim-110030437.html
#retail #organized #crime
As retailer REI’s troubles with employees continue, consumers back off
Once known as the beacon of corporate America, REI is now embroiled in face-offs with employees, putting off consumers.#Economy #BusinessandEconomy #LabourRights #Retail #WorkersRights #UnitedStates #US&Canada
As retailer REI’s troubles with employees continue, consumers back off
In the US, higher interest rates are forcing people to cut back
Americans are feeling pinch of high interest rates, forcing them to hold off purchases of homes, cars, even groceries.#Economy #Features #AutomotiveIndustry #BusinessandEconomy #Debt #FinancialMarkets #Inflation #Property #Retail #UnitedStates #US&Canada
In the US, higher interest rates are forcing people to cut back
Iowa risks millions of dollars as it faces losing first-vote status
Democrats moving from Iowa to South Carolina for first vote in primary cycle means less money for Midwestern state.#Economy #BusinessandEconomy #Demographics #Politics #Retail #Tourism #UnitedStates #US&Canada
Iowa risks millions of dollars as it faces losing first-vote status
Can autoworkers fuel a labour renaissance?
Labour strikes are taking place across North America as a labour shortage helps worker demand better pay and rights.#Economy #AutomotiveIndustry #BusinessandEconomy #FinancialMarkets #LabourRights #Retail #UnitedStates #US&Canada
Can autoworkers fuel a labour renaissance?
Nordstrom closing down in Canada, shuttering all 13 stores
All I can say is "about time!". Turns out Canada is not a big market for junk-quality, but big name, $5000 purses made in China.