Walmart CEO: If something isn't done about Theft, Prices will Increase & Stores will Close! 🛍️🤏

Walmart's CEO has warned that the retail giant may have to hike prices and shutter some stores amid 'historically high' thefts.

Speaking on CNBC's Squawk Box Tuesday, Walmart CEO Doug McMillon admitted that theft has become a major issue for the chain known for its low prices, saying woke district attorneys' lenient policies need to be 'corrected.'

'If that's not corrected over time, prices will be higher and our stores will close,' he told co-host Rebecca Quick.

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.

'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,' he said.

'It's store managers working with local law enforcement, and we've got great relationships there for the most part.'

Throughout the interview, McMillon was careful not to discuss which locations have experienced these high levels of shoplifting, even as Quick pressed the CEO on what he thinks of the woke District Attorneys in major American cities that are no longer prosecuting shoplifters.

He only said the issue is 'really city by city, location by location.'

READ MORE: https://www.dailymail.co.uk/news/article-11508869/Walmart-CEO-warns-retail-giant-HIKE-prices-shut-stores-thefts-continue.html

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