NATIONAL — Walmart CEO says thefts are at a historical high and the increase could lead to higher prices for consumers.
In an interview on Tuesday, Walmart CEO Doug McMillon says the company is seeing an increase in shoplifting cases. “Each store location has security measures in place, but the other part of the equation is partnering with local enforcement agencies,” said McMillon.
McMillon went on to say that jurisdictions that fail to prosecute these low-level theft offenses will eventually lead to higher prices for consumers. “If that’s not corrected over time, prices will be higher, and/or stores will close.”
As the holiday season quickly approaches, many big box chains are concerned about the increase in criminal activity.
In September the National Retail Federation released its 2022 security survey. The NRF, the world’s largest retail trade association, said that thefts have accounted for nearly $95 billion in losses. This is $5 billion more than last year.
Neil Bradley, Executive Vice President and Chief Policy Officer at the U.S. Chamber of Commerce says, “The retail industry – already struggling from the impacts of the pandemic, labor shortages, and supply chain problems – is now faced with large-scale theft and looting, much of it stemming from organized crime.”
Bradley went on to say that “retail theft is becoming a national crisis, hurting businesses in every state and the communities they serve.”
The U.S. Chamber of Commerce has called on lawmakers to “tackle this problem head-on before it gets further out of control.”
“No store should have to close because of theft,” said Bradley.