I worked in retail up until 2020. We definitely called the police and shared videos of thefts much less than $1k. If it was a $5 impulse item, whatever. But actual product? Police showed up, the thieve was trespassed if they were recognizable.

I once saw a man in court for stealing a $200 video camera. I’m not sure why you think theft has become legal, but I assure you, at least in my jurisdiction, your statement is patently incorrect.