Consumer
Home Depot Says It’s Committing to Cities That Rivals Flee Over Crime Concerns
- Theft has led to billions in losses in recent years, CEO says
- Plan to open 80 new stores excludes cities with more crime
Home Depot has opted to remain in cities where other major retailers have closed stores.
Photographer: Joe Buglewicz/BloombergThis article is for subscribers only.
Home Depot Inc. has remained committed to major US cities including Oakland, California, Detroit and Philadelphia as rampant retail theft has driven rivals out, according to Chief Executive Officer Ted Decker.
The home-improvement retailer, which has been investing heavily in technology to prevent organized retail crime, saw a notable increase in theft beginning about five years ago, Decker said. In 2023, the company experienced more than 142,000 instances of shrink, which includes petty crimes, goods stolen or lost by employees, and organized retail crime.