In the competitive world of low-cost retailers, Target has led the pack. The leak of millions of customers’ personal data with implications of identity theft and fraud called into question their status as one of the top-retailers and has had their executives reeling.
Counterfeiting and brand theft are crimes that have been given unlimited new life and opportunity online — they affect all industries and all major brands on a global scale. Recently the watchdog agency Business Action to Stop Counterfeiting and Piracy (BASCAP) put a $1 trillion annual figure on global losses from counterfeiting and piracy, with 2.5 million jobs put at risk.
The nightmare continued for Target on Friday as worse than expected fourth quarter same store sales prompted the company to slash its profit forecast while it made troubling new disclosures about the theft of information involving 70 million customers.
Organized retail crime may have decreased very slightly last year, according to a new National Retail Federation study, but it remains a massive problem and the nation’s largest cities are especially prone to organized activities.