Walmart CEO Raises Concern Over Rising Incidence of Retail Theft
Walmart, the world’s largest retailer, has been suffering losses due to the increasing incidence of retail theft. In an interview with CNBC, Walmart CEO Doug McMillion stated that theft has been higher than what it has been historically. The company’s profits have been on the rise, but so are their losses due to theft, not just through shoplifting but also through organized retail crime, where criminals methodically steal small or expensive items. According to the retail consultant Strategy Resource Group, the average retailer has seen sales loss due to theft reach 2-3% this year, much higher than the 0.7-1% level before the pandemic. This percentage would translate to $12-18 billion in losses for Walmart for the past year.
Walmart has put in place more security and loss prevention systems to prevent further losses. The company has been closing stores all over the country, and this might be due to the significant amount of money lost through theft. The company raised its full-year profit forecast on Thursday following strong sales growth in the United States and international markets despite lower first-quarter profits.
The Aisle of Shame, a popular blog that covers all things Walmart, listed the most commonly stolen items at the giant retailer. The list includes cosmetics such as lipstick, lipgloss, and mascara, small electronics such as watches, smart phones, and chargers, toys like Hot Wheels, Pokemon cards, and Yu-Gi-Oh cards, and over-the-counter medication such as pain relievers and stool softeners. Food items like packaged meat, baby food, deli food, and liquor, intimate items such as condoms and sex toys, clothes and accessories such as underwear, handbags, and sunglasses, jewelry such as earrings, necklaces, and bracelets, school and office supplies like pens, pencils, and sticky notes, and home essentials such as laundry detergent and toilet paper are also on the list.
The rise in retail theft is not unique to Walmart; other retailers have also been experiencing this problem. The pandemic has caused an increase in unemployment, and some people have turned to theft to make ends meet. The rise in organized retail crime, where criminals target specific items and resell them on the black market, has also contributed to the increase in retail theft.
Retailers need to invest in better security and loss prevention systems to combat this problem. They also need to work with law enforcement agencies to catch and prosecute thieves. Consumers can also help by reporting suspicious activities and supporting retailers in their efforts to prevent theft. Retail theft is a serious problem that affects everyone, and it is up to all of us to do our part to stop it.
- Retail theft
- Security measures
- Loss prevention
News Source : Diario AS
Source Link :These are the most commonly stolen items at Walmart/