Walmart CEO Doug McMillon is warning that the nation’s largest retailer is going to have to raise prices because it is losing millions to an epidemic of shoplifting.
During an appearance on CNBC’s Squawk Box Tuesday, McMillon said that policies by woke district attorneys need to be “corrected” or the company will be forced to raise prices or shut down stores.
“If that’s not corrected over time, prices will be higher and our stores will close,” McMillion said.
As the Daily Mail reported:
McMillon did not specify in the interview which locations have experienced this record-high level of shoplifting, but his announcement comes after Walmarts in Los Angeles resorted to locking up most of their inventory to prevent further thefts.
Just one month ago, the chief financial officer at Walmart’s biggest rival, Target, also revealed that shoplifting at its stores had jumped more than 50 percent year on year, leading to more than $400 million in losses in 2022 alone.
Walmart executives have been notoriously secretive about how much of an issue shoplifting is for the company, though Forbes has previously estimated that the chain loses about $3billion a year due to thefts.
But in his interview on Tuesday, McMillon admitted: ‘Theft is an issue. It’s higher than what it has historically been.’
He said the company has been forced to implement new safety measures at different locations but stressed that he saw local law enforcement as the main solution to the growing problem.
This is exactly what the left wants. They want to undermine our legal system, encourage criminality, and make life difficult for everyone else.
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