Retail theft at Walmart may lead to raised prices and store closures, CEO says

Authored by abc7.com and submitted by Pazluz
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Retail theft at Walmart may lead to raised prices and store closures, CEO says

With retail thefts on the rise, Walmart's CEO says the company will have to start raising prices or even close stores.

In an interview Tuesday, CEO Doug McMillon indicated that would be the case if prosecutors continue to have a lax approach to shoplifting crimes, specifically organized retail theft.

Each store location has security measures in place, but the other part of the equation is partnering with local enforcement agencies to hopefully correct the issue over time, McMillon said.

His remarks come after state efforts to tackle this issue. A retail crime task force with the California Highway Patrol has increased their presence at shopping centers this holiday shopping season - to heighten visibility and make arrests

The task force has had some success. Since its inception, it has recovered merchandise valued at nearly $26 million.

Competitors like Target have also seen major increases in retail theft. The company recently reported $400 million more in losses this year compared to last year.

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rucb_alum on December 7th, 2022 at 17:38 UTC »

LOL...Walmart's wages are so low that many of their full-time equivalent (FTE) personnel STILL QUALIFY for public assistance programs. That's a hidden tax cut, imo.

Xivvx on December 7th, 2022 at 16:56 UTC »

''Some markets are no longer worth having a presence in, Walmart will soon begin a large downsizing operation and layoffs as we focus on more economically viable markets."

Amy_Macadamia on December 7th, 2022 at 16:19 UTC »

They got rid of most the cashiers. That adds a sense of "self-service" to an already struggling customer base