Walmart CEO Warns of Higher Prices, Store Closures if Shoplifting Problem Persists — Retail Bum

Walmart CEO Doug McMillion warned that a rise in shoplifting across the company’s U.S. stores could lead to higher prices for customers and store closures.

“Theft is an issue. It’s higher than what it has historically been,” McMillion said.

“We’ve got safety measures, security measures that we’ve put in place by store location. I think local law enforcement being staffed and being a good partner is part of that equation, and that’s normally how we approach it.”

McMillion’s statement comes at a time when retailers across the U.S. are seeing a rise in shoplifting. Just last week, Target’s CFO Michael Fiddelke pointed out that the company is seeing a 50% year-over-year increase in shoplifting, which has contributed to more than $400 million in losses so far this year.

The bulk of these losses are stemming from organized crime and not petty shoplifting, which is raising the need for local prosecutors and enforcement to step in and take stringent prevention efforts, CNBC reported.

“If that’s not corrected over time, prices will be higher, and or stores will close,” McMillon said.

“It’s really city by city, location by location. It’s store managers working with local law enforcement and we’ve got great relationships there for the most part,” he added.

Originally published at https://retailbum.com on December 6, 2022.