Employee theft is a the biggest problem in retail, but I also question whether an extra few dollars an hour is a shrink stopper. I doubt it. But Costco also sells cases of things which are a little harder for the staff to pocket, I suppose.
Returned two things tonight relatively smoothly. One to Macy’s, and they had to call over a manager because the item didn’t have a bar code but she figured it out.
The other to Bed, Bath and Beyond. I’m very impressed with them! I didn’t have the receipt and they said, “no problem, we can swipe the credit card you used and refund your money”. But that didn’t work because my card had been replaced since I purchased the item due to some fraud exposure. No problem again, she scanned the item and gave me store credit. I have to confess that I think I bought it in October but it was unopened, unused and I didn’t realize I wouldn’t need it until recently. I was just dreading trying to return something without a receipt so I kept putting it off.
Easy online returns with REI, L.L. Bean, and my favorite, Zappos. Zappos even emails you a pre-paid postage label you can put on your return and drop it off at UPS or USPS. They credit the card you paid with, and it turns up on your statement in a month.
L.L. Bean will charge you $6 for that postage label, but they will take back any return for any reason, no matter how long ago it was purchased.
In general, I think most stores are fairly generous with their return policies. It makes no sense to give cash back when cash wasn’t used for the original purchase, as the paper transactions cost something. It’s one thing for stores to absorb that cost when they are able to sell something, but not reasonable to expect them to take the hit it when that thing is returned.
“^^ And executives never steal from their employer? Really?”
Executives are also considered in the same bucket as employees when it comes to shrinkage (vs customers). Are there any references to Costco execs stealing form the company? Could not find them by googling on my phone, so would love to see links. I’m not being sarcastic. Thanks!
I don’t think the pacakaging matters that much. Costco sells quite a number of single pack, easily concealable, expensive items: krill oil, bottles of booze, caviar… Plus, one lifted case of 24 beers is a bigger monetary loss than one stolen can of beer (stuff happens on those back loading docks, it does!):
Here is a free version of the HBS paper I had in mind:
Here are some Costco thieves for your enjoyment…
http://blogs.seattletimes.com/today/2012/04/costco-supervisor-accused-of-stealing-from-stores-till/
http://www.issaquahpress.com/2009/10/20/prosecutors-costco-employee-embezzled-more-than-60000/
But they actually weren’t stealing from Costco! Haha. It’s awful I know, but something about that story strikes me as comical. Did they think the insurance companies wouldn’t notice? For how long?
Insurance fraud is rampant and people do get away with it. This particular operation went on for 10 years, but it’s not unusual except that these crooks were caught. Costco has slightly less shrinkage than WalMart and Target for multiple reasons, but I’m not convinced it’s because their employees somehow have more integrity. And, more often than not it’s small stuff and no-one is prosecuted and there are no news stories. But, it happens.
Thanks, but not exactly the stuff I was looking for - stories about much higher ranked execs stealing tens of thousands of $$$ directly from the company. 
Marie, the difference in % is not insignificant as you imply, but I agree that it is not due to some inborn or cultivated integrity. It is tied to the satisfaction with their benefits and pay. I wish I could post the papers I have in PDF.
Got emails that my refunds from both Saks and Net a Porter were processed without an issue. Used pre-paid labels included with my purchases. NaP needed to report the return online, Saks only needed a fill in form enclosed with the return. No shipping charges, but I am not naive - we pay for shipping one way or the other.
Another shout out for Bed Bath and Beyond. I purchased an expensive convection toaster oven late in the summer. Last night the fan started making noise. I called today, and they said no problem, bring it in and we will exchange it. I was up last night worrying about it, because I had no idea where I put the receipt. I took the credit card statement with the purchase on it, but they barely glanced at it. I was worried I’d have to ship it to the manufacturer, and would have to pay for it, not to mention be without the oven for weeks. GREAT customer service BB&B.