Walmart warning: CEO says retailer will close its stores if rampant theft doesn't stop. How SoCal is cracking down. Now on ABC7
In an interview Tuesday, CEO Doug McMillon indicated that would be the case if prosecutors continue to have a lax approach to shoplifting crimes, specifically organized retail theft.
Each store location has security measures in place, but the other part of the equation is partnering with local enforcement agencies to hopefully correct the issue over time, McMillon said. His remarks come after state efforts to tackle this issue. A retail crime task force with the California Highway Patrol has increased their presence at shopping centers this holiday shopping season - to heighten visibility and make arrests
The task force has had some success. Since its inception, it has recovered merchandise valued at nearly $26 million. Competitors like Target have also seen major increases in retail theft. The company recently reported $400 million more in losses this year compared to last year.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rising thefts at Walmart could lead to price jumps, store closures, CEO saysWalmart stores are grappling with a jump in shoplifting that could lead to price spikes and closures, Walmart CEO Doug McMillon said Tuesday
Read more »
Walmart CEO: 'Stores will close' if theft at retailer doesn't declineInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Walmart CEO Doug McMillon says theft is 'higher than what it has historically been'Walmart CEO Doug McMillon on Tuesday became the latest retail executive to weigh in on theft, saying it is 'higher than what it has historically been.'
Read more »
Walmart CEO: American households are seeing prices 'stabilizing' but there's more pain ahead'Some could look and say things are getting better,' Walmart CEO Doug McMillon said. But for many families, prices 'are not coming down but just stabilizing at a higher level.'
Read more »
Walmart CEO says prices for toys and sporting goods are coming downInflationary pressures are cooling off in a few categories as consumers stock up for the holidays, but high prices persist for many other goods.
Read more »