this post was submitted on 15 Jun 2023
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If they are checking receipts because an increase in theft I am ok with it. Any financial loss to my local store will have to be collected in prices of their goods to keep the business open. I wish they didn't have to.
Despite the rise in theft, Loblaws saw 6% revenue growth last quarter compared to 3% in Q1 2022.
Loblaws is price gouging. They deliver essential product at luxury prices on a monopolistic scale in many neighbourhoods. They do this by design; they know that people have no other reasonable choices, and they know that people will need to buy food eventually.
In October it was reported that 20% of Canadians are skipping meals to cut down on food costs. Meanwhile Galen Weston has received 136% increase in direct wages over the last two years.
Meanwhile, I don't know about other warehouses, but next year Loblaws will be shutting down their Cambridge, ON Warehouse to open a new, fully automated one closer to Toronto. All those warehouse workers are going to lose their jobs for the sake of automation.
In summary: Loblaws is making more. Their executive staff is making more. Yet they're raising their prices along with it. People need to eat, and if you cannot afford to eat, you should steal. Food is not optional and I will die before telling someone else to die because they're too poor to eat. Loblaws is celebrating their victory over our wallets as we merely try to survive.
I agree they are price gauging. That has nothing to do with my argument.
It kind of does when you say they "have to" raise either prices. Why can't they take the loss and let it eat into their excessive executive compensation packages? They could take a huuuge hit without going into the red.
I take it you subscribe to the belief that the only way to successfully run a business is to have ever increasing years of historically high record profits, year after year, at any and all costs?