Associations

Wages

The nation's retailers lost a staggering amount of money in 2016 due to shoplifting, organized crime, internal theft and other types of inventory shrink.    Inventory shrink totaled $48.9 billion in 2016, up from $45.2 billion the year before, as budget constraints left retail security budgets flat or declining, according to the annual National Retail Security Survey by the National Retail Federation and the University of Florida. The thefts amounted to 1.44% of sales, up from 1.38%.  

Out-of-state Web-based retailers are taking a stand against paying sales tax in the state of Massachusetts.   According to a directive from the Department of Revenue, any online retailer vendor headquartered outside of the state is required to register, collect and remit sales tax. In Massachusetts, this is 6.25%. The directive applies to companies that sold more than $500,000 annually in the state and made sales for in-state delivery in 100 or more transactions.  

An annual report provides an in-depth analysis of the front-burner issues facing America’s retail supply chains, and highlights tools and leading practices to compete in an evolving marketplace.  

The retail industry's two major organizations are applauding reports that the House will drop efforts to repeal debit card swipe reform.   

Twenty retail executives traveled to the nation's capitol on Wednesday to voice their opposition to the proposed border adjustment tax (BAT).   

The proposed border adjustment tax would have a negative financial impact on retailers and consumers, as well.    Retailers would “have no choice” but to pass the higher costs on to consumers if Congress passes a proposed $1 trillion border adjustment tax as part of tax reform, the National Retail Federation warned on Tuesday.  

A current retail CEO and a former one found themselves at odds on Tuesday at a Capitol Hill hearing on the proposed border adjustment tax.    “Under the new border adjustment tax, American families – your constituents – would pay more so many multinational corporations can pay even less,” said Target CEO Brian Cornell. “Eighty-five percent of Americans shop at Target every year. We believe this new tax would hit those families hard, raising prices on everyday essentials by up to 20%.”

Oklahoma City Mayor Mick Cornett won’t have occasion to announce a championship for the OKC Thunder this year, but he did stop by the RECon show in Las Vegas to crown the OKC Outlets.   The former Outlet Shoppes at Oklahoma City was sold by CBL to The Outlet Resource Group and Singerman Real Estate earlier this month. The new owners wasted no time putting its own brand on the center. “OKC” is the abbreviation commonly used by NBA fans to identify the Thunder.  

The National Retail Federation continues to lead the charge against the consumption tax and the proposed border adjustment tax.   The NRF on Thursday today urged Congress to focus on updating the existing federal income tax system rather than moving toward a consumption tax. Under either approach, Congress should reject a proposed $1 trillion border adjustment tax that would drive up prices for consumers and cost the economy jobs, NRF said.