Shoplifting has gotten so bad at Walmart stores that the retail giant may shutter locations in areas where local governments are taking a soft-on-crime approach, the company’s boss said.
CEO Doug McMillon, who has led Walmart since 2015, confirmed the retailer has experienced an increase in “shrink” — a term the retail industry uses to address losses related to in-store theft or fraud.
“Theft is an issue. It’s higher than what it has historically been,” McMillon said during an appearance on CNBC’s “Squawk Box” on Tuesday. “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,” McMillon added. “If that’s not corrected over time, prices will be higher, and/or stores will close.”
The Walmart CEO did not elaborate on how many stores could be in danger of closure, or where the closures might occur. The Post has reached out to the company for further comment.
Walmart has 4,720 stores in the US and 10,586 locations around the world.
No problem because shopping at Walmart is always an unpleasant experience!
That is my go to as a last resort store.
Poor customer service, long lines at check out, and few cashiers, along with workers with a bad attitude, makes this an easy decision for me!
Becoming cheaper to order online anyway.
All of these companies are claiming record profits while also claiming shoplifters are putting them out of business. It’s just an excuse to make shopping more difficult and installing more security.
they could stop the stealing if they wanted, but its easier to just let them get away
Walmart in Fruitland is on the list to be closed…
All the Tanisha and Shawty Yo stealing in the store is causing too much shrink
Consumers always, always pay for theft in the form of higher prices to protect profit margins.
What has changed is that laws and courts no longer protect the merchants from casual shoplifters and organized theft rings. Security and cops are going to need to be authorized to intercept, hold and arrest thieves, and courts/states attorneys are going to have to aggressively prosecute these cases.
As a society we are descending/regressing to a past time when individuals pursued their own justice when wronged. Restoring ‘public safety’ is easier and more humane. Judges & States Attorneys need to be more than firm. Legislators need to put teeth back into these laws.
I’ve heard when the police arrive that Walmart won’t press charges on the shoplifters.
Walmart has for the last years cut down on their help so much and their hours that there are not enough employees to be at the registers and their own Great Value products which were better have dwindled and the ounces are fewer but the cost higher.