JUST IN: Target, $TGT, says stores have seen a 120% increase in theft involving violence the first 5 months of 2023.
Earlier this year, Target said they expect to lose $1.3 BILLION due to theft in 2023.
This is up $500 million from theft losses in 2022.
Rising retail theft is… pic.twitter.com/Xav6ZxdzY7
— The Kobeissi Letter (@KobeissiLetter) August 16, 2023
Shoplifting out of control pic.twitter.com/XjaUopiUtt
— Win Smart, CFA (@WinfieldSmart) August 16, 2023
Rising theft has come with higher credit card debt and declining US savings.
It’s tough to say that these are directly related, through they are correlated.
Something worth watching over the next few months.
Follow us @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) August 16, 2023