Walmart CEO: 'Stores will close' if theft at retailer doesn't slow down
McMillon said the key to reducing theft is Walmart working with local law enforcement agencies and ensuring that those agencies are fully staffed.
The Bentonville, Arkansas-based retail giant is not the only retailer that has recently sounded the alarm on theft. Missing inventory has reduced Target's gross margin by more than $400 million in 2022 compared with last year, and Target expects those profit losses to grow to $600 million by the end of the fiscal year, Target CFO Michael Fiddelke said in November during a company earnings call."Along with other retailers, we've seen a significant increase in theft and organized retail crime across our business," Target CEO Brian Cornell said during the earnings call.
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