A recent uptick in Walmart thefts will only be affecting paying customers soon. The rise of shoplifting has left the company with two choices, increasing prices and closing down stores.
Walmart CEO Doug McMillon said it’s becoming a serious problem, “Theft is an issue. It’s higher than what it has historically been.”
“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.”
Target has also seen an increase in thefts. The CEO reported that shoplifting jumped to 50% in the past year, costing $400 million in losses.
Most of the shoplifting has been with organized retail theft, like the trend of raiding luxury stores last year.
“If that’s not corrected over time, prices will be higher, and/or stores will close,” McMillon continued.
“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.”
