Walmart CEO warns company will close stores if theft doesn't slow down

[mystery-ak]

Walmart CEO warns company will close stores if theft doesn't slow down
Ben Tobin
Dec 6, 2022, 2:47 PM


    Doug McMillon told CNBC that theft is 'higher than what it has historically been' at stores

    He said that along with stores closing if theft doesn't slow down, prices could be higher.

    Reuters previously reported that Walmart loses roughly $3 billion in theft each year.

Walmart CEO Doug McMillon issued a stark warning Tuesday: If theft does not slow down, the retailer will close stores across the country.

"Theft is an issue," he told CNBC. "It is higher than what it has historically been."

He added: "If that's not corrected over time, prices will be higher, and/or stores will close."

McMillon did not say during the interview how much money Walmart has lost in stolen items this year. Walmart did not immediately reply to an Insider request for that number.

But the world's largest retailer likely loses about 1% of its US revenue — or roughly $3 billion every year — to stealing by customers and employees, Reuters reported in 2015. 

McMillon said the key to reducing theft is Walmart working with local law enforcement agencies and ensuring that those agencies are fully staffed.

more
https://www.businessinsider.com/walmart-ceo-stores-will-close-if-theft-at-retailer-doesnt-decline-2022-12

[Kamaji]

And then Walmart will be accused of systemic racism and of creating "convenience store deserts" in certain neighborhoods.

[catfish1957]

Walmart CEO warns company will close stores if theft doesn't slow down
Ben Tobin

    Doug McMillon told CNBC that theft is 'higher than what it has historically been' at stores

    He said that along with stores closing if theft doesn't slow down, prices could be higher.

   

I am not discounting the CEO's assertion, and that the situation has not gotten out of hand.

But here is an anecdotal add that I 'd like to share.

Back in about 2002 or 2003, in my wife's hometown (Not Texas), we were shopping at the local WM, and I decided to man the bench rather than fight the Christmas crowds.  During about a 15 minute period, I watched and heard the security beepers go off at least a dozen times.

I walked over to the Service Desk to communicate that fact, and the lady point blank told me that unless it was something like a Big Screen exiting, they were instructed NOT to interfere.

So, really this is not a new phenomenom, just one that has likely gotten worse.

[Weird Tolkienish Figure]

Hard to feel sorry for them, they undercut other stores for years by skimping on personnel. Now the chickens have come home to roost.

[mountaineer]

Hire a couple more security guys per store, for starters, and don't shy away out of fear of retribution from stopping protected minorities from walking out with TVs.