The Rapid Decay Of The Big Apple: Rite Aids Locking Up EVERYTHING In Stores

By Ryan Canady | Wednesday, 05 October 2022 12:00 PM
4
Views 3.3K
The Rapid Decay Of The Big Apple: Rite Aids Locking Up EVERYTHING In Stores

Rite Aid stores report struggling with a wave of thefts in New York City that has gotten so bad that they are considering locking up everything in the store.

The company claims it lost approximately $5 million to theft in the last three months in the New York City stores alone. It was bad enough that it received notice on its earnings call. Rite Aid CEO Heyward Donigan said that the company has experienced “headwinds from front-end shrinkage in our New York City urban stores,” according to Business Insider.

The earnings call also revealed that the company is reportedly testing new security measures that may enhance how much merchandise is protected from theft. Andre Persaud, Rite Aid’s chief retail officer, has stated that they may need to massively increase the number of products kept behind lock and key in their stores to prevent increased levels of theft.

 WATCH: THE AG'S RAN ON "GETTING" TRUMPbell_image

Rite Aid is looking at putting all its items in these protected cases so that only paying customers can access them. They are also considering hiring off-duty police officers to work in their stores for security purposes. The company is concerned about the amount of crime and theft in those stores daily.

 WATCH: THE TIMING OF TRUMP'S TRIAL, WHY NOW?bell_image

The New York Police Department (NYPD) released data showing that petty theft in New York City has increased by 42% this year compared to last. Robbery and burglary are also rising, up 37% and 32%, respectively.

According to company reports, a single Rite Aid located in Manhattan’s Hell’s Kitchen neighborhood had over $200,000 worth of merchandise stolen in just two months. Thus, the company can see that it needs to take action to reduce the amount of stolen merchandise in its stores.

 WHO'S UP NEXT? BALTIMORE MAYOR NEXT TO PLAY IDENTITY POLITICS...bell_image

Persaud has stated that the goal for the company is not to close its stores but to keep them open with enhanced security measures. This will permit customers to still take part in purchasing items from Rite Aid, but the goal is to reduce the amount that is stolen so that those stores can remain open.

 MASTER OF SABOTAGE: BIDEN'S IRONCLAD PROMISE TO SAFEGUARD AMERICAN STEEL THREATENED BY HIS LATEST MOVEbell_image

Rite Aid reported that its revenue for this quarter dropped to $5.9 billion from $6.11 billion the previous quarter. The company cited decreased demand for COVID-19 vaccines, tests, and the closure of some of its stores for the decline in revenue, among other factors.

X