$30,000 a month security and bulletproof vests: How one S.F. retailer reopened after robbery at gunpoint
The brazen robberies in San Francisco's Union Square and across the Bay Area last weekend underscored the retail crime woes that have plagued the region, particularly during the pandemic. That's higher than the store's entire retail payroll of...
But most of the retailers around B8ta don’t have the resources to hire private security, and Silverstein’s group is exploring the possibility of hiring private security for the neighborhood
What if -- I have an idea -- the whole city had security? We could fund it with property taxes! Surely a government as complex and established as the city of San Francisco can administer something like this, yes?
20$ an hr to be knowledgable of the most high end tech on the market in the most expensive city in the world yeesh
How many can afford $30K/mo security? Probably .... 5? What about the rest?
What’s even more alarming is that an unprofitable company secured nearly $100m from investors, and pays its retail staff slave wages.
“The venture capital-backed company, which is trying to promote in-person shopping discovery for electronics, hasn’t experienced any retail crimes since reopening, but it’s come at a high cost. CEO Vibhu Norby said around-the-clock, trained security guards with a bulletproof vest cost around $30,000 a month. That’s higher than the store’s entire retail payroll of around five staff and also higher than the store’s rent, he said. Retail staff salaries start at at least $20 an hour, with a $1 an hour raise for each additional year.
“We’re an unprofitable venture-backed company and we have been since day one,” Norby said, “It’s something that most businesses can’t afford, but we can.”
Long-term, the company needs to find a sustainable business model, he said. B8ta (pronounced like bay-tah) has raised $88.5 million from venture capitalists include Khosla Ventures and department store Macy’s, according to Crunchbase.”