New YorkNewsUS

Shoplifting could lead to price jumps, store Closure, CEO Walmart

Theft is becoming a bigger issue at stores across the U.S, Doug McMillon.

Web Desk:

Supermarkets in the US are struggling with an uptick in shoplifting. Walmart is one of the largest companies to provide job opportunities in the US, which also faces the loss of millions of dollars due to the increase in shoplifting incidents. Walmart management has started considering the option to increase the price or close its stores.

In an interview with CNBC, Walmart CEO Doug McMillon said that “theft is an issue. It’s higher than what it has historically been.”

He said that “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.”

He added that unless authorities take action to tackle the problem, “prices will be higher, and/or stores will close.”

“It’s 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.

Walmart isn’t the only big box retailer struggling with a shoplifting surge. Target CFO Michael Fiddelke recently said that theft has jumped 50% year-over-year, costing the company more than $400 million in this fiscal year alone.

Leave a Reply

Your email address will not be published. Required fields are marked *