The retail theft claims insurers expect to pay out this holiday weekend may take a back seat to those presented by clients with commercial package policies that include business interruption. CNBC reports that demonstrators are taking the Occupy Wall Street movement to retailers with an organized effort called
With an established web site already in place and their messages populating cyberspace, organizers are encouraging consumers to either occupy or boycott retailers that are publicly traded to protest "the business that are in the pockets of Wall Street," according to the Stop Black Friday website. The movement’s goal is to reduce the profits of major corporations this holiday season.
"The idea is simple, hit the corporations that corrupt and control American politics where it hurts, their profits, " states the Occupy Black Friday
The Black Friday movement is a not unlike the demonstrations targeting banks; on Nov. 5th many demonstrators participated in "Bank Transfer Day" and moved their money from banks to credit unions.
A few of the retailers on the protesters’ target list include Neiman Marcus, Amazon and Wal-Mart, notes CNBC.
"Keep in mind that we are not occupying small businesses or hardworking people—we must make a distinction between the businesses that are in the pockets of Wall Street and the businesses that serve our local communities. We are NOT anti-capitalist. Just anti-crapitalist,” the Black Friday website states.
The website lists the following top 10 retailers as targets for occupation and/or boycott on Black Friday.
- Abercrombie & Fitch
- Amazon.com (yes, we have to stay away from Amazon, too!)
- AT&T Wireless
- Burlington Coat Factory
- Dick's Sporting Goods
- Dollar Tree
- The Home Depot
- Neiman Marcus
- OfficeMax
- Toys R'Us
- Verizon Wireless
- Wal-Mart
Those retailers not being boycotted will face the usual shoplifting, employee theft and even organized crime associated with the holiday season. Globally, theft cost the retail industry $119 billion in the 12 months ended in June, up 6.6 percent from a year earlier, according to a study released by the Centre for Retail Research.
A sluggish global economy and high unemployment likely contributed to the increase, Joshua Bamfield, director of the Centre for Retail Research and author of the study.
“Many people in every country feel that the political classes have let them down and probably bankers have let them down,” Bamfield said, adding that may have given some people more psychological license to steal.
For insurers, the amount lost to theft accounts for about 1.45 percent of a commercial lines policyholder’s total sales. The countries with the highest theft rate include India, at 2.38 percent of sales, and the rate in the United States was 1.59 percent.
