Shoplifting is actually one of the least harmful forms of theft, in terms of dollars stolen. Wage theft costs orders of magnitude more. A few years ago, money stolen by police via civil forfeiture surpassed the amount stolen by burglars.
Yet the form of theft I hear the most about, by far, is shoplifting. Why do you think that is?
Why don't we use the terms "rent theft" or "loan theft" when people don't pay their rent or loan payments, since we use the term "wage theft" when companies don't pay their wages? In all of those cases, isn't it just not giving someone what you owe, rather than taking something away from someone?
Petty shoplifters should be prosecuted to the fullest extent of the law.