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.
And in an interview with CNBC earlier this month, Walmart CEO Doug McMillon noted that theft at Walmart was higher than it has historically been, and could lead to higher prices and store closures if it persists. 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.
The funding package that contains the bill seeking to tame the problem passed the U.S. Senate on Thursday and is expected to pass the House on Friday.
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