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Former Home Depot CEO ‘fears’ Biden administration is ‘fueling a lawless
society' as retail theft surges
Bob Nardelli argues surging crime, retail theft the reality behind sales
shrinks

By Madeline Coggins FOXBusiness
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Bob Nardelli slams Biden admin for ‘fueling a lawless society’: I fear
where we’re heading
One former industry CEO is calling out the Biden administration for
"fueling a lawless society" as rising theft and crime leave retailers
struggling across the country.

"This environment under this administration is fueling a lawless society
and we've got to get this back under control. I fear where this is
headed," former Home Depot CEO Bob Nardelli said on "Cavuto: Coast to
Coast" Friday.

Nordstrom is just one of the latest retailers to show how rising crime
is impacting their bottom line.

On Thursday, the upscale department store reported sales fell 7.9% in
the second quarter and expects a revenue decline for the year.

WALMART AND TARGET EXECUTIVES SPEAK OUT ON RETAIL CRIME

A Los Angeles Nordstrom store was ransacked by a mob of more than 30
people on Saturday, Aug. 12, 2023, with the suspects getting away with
nearly $100,000 worth of handbags and clothes. (Credit: Anniella Weise)video
California Nordstrom ransacked by thieves
A Los Angeles Nordstrom store was ransacked by a mob of more than 30
people on Saturday, Aug. 12, 2023, with the suspects getting away with
nearly $100,000 worth of handbags and clothes. (Credit: Anniella Weise)

Other retailers including Dick's Sporting Goods, Kohl's, Foot Locker,
Target and Walmart have seen a surge in theft impacting sales. Some of
these executives warned earlier this year of an increase in "shrink" and
its effect on business.

Nardelli went on to explain what a "shrink" in sales means and why it is
really the cost of theft.

"You just look at the list of retail companies, whether it's Home Depot,
Lowe's, Macy's, Dick's and then you look at Target, they're now
projecting $1.2 billion, again, the polite word is shrink. The reality
is its theft," he told host Neil Cavuto.

AS INFLATION UNDER BIDEN ‘BITES’ US CONSUMERS, FORMER TOYS ‘R’ US CEO
MAKES DIRE RETAIL PREDICTION

The crime problem is only furthering the pain of inflation felt by
American consumers.

"Who's going to pay for all this? Somebody's got to pay. It's you and I
and the average consumer are going to pay higher prices for goods to
offset the cost of people stealing," Nardelli said.

Robberies Bob Nardelli (Center)
Former Home Depot CEO Bob Nardelli reacts to a surge in retail crime and
calls out the Biden administration for "fueling a lawless society" (FOX
Business / Fox News)

Earlier this month, the July consumer price index (CPI) showed inflation
rose 0.2% from the previous month, in line with estimates.

Prices climbed 3.2% from the same time last year, up from 3% in June but
slightly below the 3.3% forecast from Refinitiv economists. It marked
the first acceleration in the headline figure in more than a year,
underscoring the challenge in taming high inflation.

On "Cavuto: Coast to Coast" last week, former Toys "R" Us CEO Gerald
Storch outlined how various reports from retailers indicate a change in
consumer behavior.

"Every report we hear from retailers out there is that consumers are
stressed, they're reluctant to buy goods. They are spending money on
services still, some of that pandemic revenge, but when you adjust for
inflation, sales of physical products are actually down for 11 straight
months," Storch said.

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Storch also warned retailers should expect further difficultly moving
into the holiday shopping season.

"When that comes this fall, I believe it's going to be a very difficult
holiday season, certainly challenging for most retailers," he said.

Gump's San Francisco store owner John Chachas discusses his open letter
to state officials about the downtown crime crisis on 'Cavuto: Coast to
Coast.'video
San Francisco crime: Major retailer considers closing after 166 years in
business
Gump's San Francisco store owner John Chachas discusses his open letter
to state officials about the downtown crime crisis on 'Cavuto: Coast to
Coast.'

Nardelli added that the growth in crime is also costing retailers more
than profits.

"Not only crime, but unfortunately, Home Depot lost two associates. They
pushed an elderly man to the floor. He died. A security guard, shot," he
shared.

With crime impacting communities across the nation, Nardelli emphasized
the importance of getting the current "lawless" society back under control.

FOX Business' Megan Henney contributed to this report.

Conversation547 Comments
2.1K Viewing

doclr11
2 hours ago

These big stores still have some money left. Why don't they all hire a
fleet of lawyers, and sue the local governments that fail to provide
them with the police protection that their taxes pay for? Citizens can
join in to make this into class-action suits.

4 replies

WhoCares2000245
2 hours ago

Who's paying for the loss in these retailers bottom line? The consumer
of course. They simply add it onto the cost of the goods they sell.
Eventually they will all figure out that brick and mortar no longer works.

9 replies

knights-who-say-ni
6 hours ago

Stores Have 3 Options to Stop Shoplifting.

1. Member Only Stores - Like Costco apply for a membership and the
store runs a background check and if a clean record you get a membership
card. Multiple stores can ban together and create a Trusted Shopper
card. The card gets you through the secure ent...

See more

23 replies

Lakota53
2 hours ago

There is no excuse for the government to allow and support this
behavior. It is really the sole reason government exists, to protect
citizens from this anarchism

4 replies

rjm11430
5 hours ago

The same lack of consequences under the law will also encourage people
who have a dispute with someone else to just shoot. After all, if civil
law is not perceived to be working, and criminal law the same..."This is
not headed" anywhere anymore. It's there.

Reply

42