(TheRedAlertNews.com) – As almost every CEO of a large retailer will attest, the growing shoplifting epidemic across the United States is hurting their bottom line and impacting American consumers as they pay higher prices to cover losses due to theft.
As CNBC reports in an article headlined “Rising thefts at Walmart could lead to price jumps, store closures, CEO says” and an associated video (see below) from an interview earlier today:
“Walmart stores across the U.S. are grappling with an uptick in shoplifting that could lead to higher prices and closed stores if the problem persists, Walmart CEO Doug McMillon said Tuesday.
“‘Theft is an issue. It’s higher than what it has historically been,’ he told CNBC’s “Squawk Box.”
“‘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 said.” [emphasis added]
But it is not just Walmart.
“Walmart isn’t the only big box retailer dealing with an uptick in theft. Last month, Target Chief Financial Officer Michael Fiddelke said shoplifting has jumped about 50% year over year, leading to more than $400 million in losses in this fiscal year alone.
“Most of the shoplifting is organized retail theft, rather than petty theft, Fiddelke said.” [emphasis added]
Here is the video:
What does retail theft mean to the bottom line for businesses like Walmart? Walmart CEO Doug McMillon discusses how prices could increase due to inventory shrinkage. https://t.co/oKgoSenXL4 pic.twitter.com/gnPP91nXF6
— CNBC (@CNBC) December 6, 2022
What do you think is the solution to the massive increase in shoplifting across the United States? Please share your thoughts by emailing [email protected]. Thank you.