According to Walmart
"Theft is an issue," McMillon told CNBC. "It is higher than what it has historically been. If that's not corrected over time, prices will be higher, and/or stores will close."
Although McMillon did not directly state precisely how much money has been lost throughout the year due to thefts, but it has been demonstrated from statistics that Walmart has lost about 1% of its total earnings from shoplifting. It equates to about $3 billion annually, whether it is by shoppers or employees, according to Reuters in 2015.
According to McMillon, it is important for Walmart to work closely alongside police officers to monitor these shoplifting behaviors and illegal activity.Forbes reported that the types of thefts have expanded in more recent times. At one point, it was only more expensive items that were stolen, but at this time, there are now less expensive items such as candy or makeup that are being taken from Walmart stores.
"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 in a statement.
McMillon has also said that each store location will differ in terms of how individual theft situations are handled. Other stores, like Rite Aid
- https://www.cnbc.com/2022/12/06/walmart-ceo-says-shoplifting-could-lead-to-price-jumps-store-closures.html
- https://www.businessinsider.com/walmart-ceo-stores-will-close-if-theft-at-retailer-doesnt-decline-2022-12
- https://www.forbes.com/sites/qai/2022/12/07/walmart-thefts-are-on-the-rise/?sh=2d69bc2f62cf