Submitted by Puzzleheaded-Wonder9 t3_yyv1y6 in jerseycity
RemyDWD t1_iwz0y9u wrote
Reply to comment by GioDesa in Plain clothes officers at Newport path checking fare jumping by Puzzleheaded-Wonder9
> Have you not heard of all these drug stores closing down due to massive shoplifting? Its happening all over NYC and its becoming a problem in some areas because people no longer have access to a drug store close by.
About that…
> In fact, the two reported Manhattan Rite Aid closures appear to be part of a nationwide downsizing. In December, Rite Aid said it would be closing 63 stores “to reduce costs, drive improved profitability, and ensure that we have a healthy foundation to grow from, with the right stores in the right locations, for the communities we serve and for our business.” Shoplifting was not a listed rationale. Asked about the Manhattan store closures — and whether shoplifting played any role — a Rite Aid spokesperson says only that that the decisions “are based on a variety of factors that retail businesses consider such as overarching business strategy, lease and rent considerations, local business conditions and viability, and store performance.” Again, no mention of shoplifting.
https://www.curbed.com/2022/02/shoplifters-arent-why-nycs-chain-pharmacies-are-closing.html
GioDesa t1_iwz1r9z wrote
Heres a Rite Aid article to the contrary.
Rite Aid CEO Heyward Donigan told analysts the company “experienced unexpected headwinds this quarter from front-end shrink, particularly in our New York urban stores.”
Donigan noted the company has begun “shrinking our footprint” in New York City as it proceeds with a plan to close dozens of less-profitable stores.
The company said a $5 million year-over-year increase in “shrink” – a term in the retail industry meaning losses related to theft, fraud or administrative errors – had cut into its profits*. Rite Aid’s chief retail officer Andre Persaud expanded on the point – stating* NYC-area losses from shoplifting had worsened despite the company’s efforts to improve “product protection.”
https://nypost.com/2022/09/30/rite-aid-executives-bemoan-out-of-control-nyc-shoplifting-at-stores/
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