Retailers are scoring one win in the governmentwide spending bill, which will force online marketplaces like Amazon and Facebook to verify high-volume sellers on their platforms amid heightened concerns about retail crime.
Tucked in the $1.7 trillion funding package lies a piece of legislation brick-and-mortar retailers have been pushing Congress to pass for more than a year, part of an effort to tamp down the amount of goods being stolen from their stores and resold online.
Target executives said in November the number of thefts has gone up more than 50%, resulting in more than $400 million in losses. Its expected to be more than $600 million for the full fiscal year. The National Retail Federation, the nation's largest retail trade group, said its latest security survey of roughly 60 retailers found that inventory loss - called shrink - clocked in at an average rate of 1.4% last year, representing $94.5 billion in losses.
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