On Tuesday, Walmart CEO Doug McMillon warned that if shoplifting continues to be at its current pace in cities across the United States, he may be forced to raise prices or close stores.
McMillon's comments come as more and more retailers look to ramp up security efforts amid rising rates of theft and relaxed laws pushed by Democrats.
During an appearance on CNBC's Squawk Box, McMillon was asked about his thoughts on why shoplifting had become such an issue, and what could be done to curb the trend.
"Theft is an issue," he began. "It’s higher than what it has historically been."
He went on to explain that Walmart had put safety measures in place, noting that, "local law enforcement being staffed and being a good partner is part of that equation, and that’s normally how we approach it."
Host Becky Quick reminded McMillon that thanks to a number of new laws that take a more lenient approach to fighting crime, many of the thieves are no longer eligible for serious punishments. "Does that matter?" she asked.
"If that's not corrected over time," he replied, "prices will be higher, and/or stores will close."
Co-host Andrew Ross Sorkin drew attention to the numerous videos making the rounds on social media showing thieves nonchalantly packing armfuls of products out of shops while customers and employees watch helplessly.
Referencing one clip showing a burglary at an Apple store in California, Sorkin lamented the fact that employees had been told to "stand back and just let it all happen."
"Maybe that's the right decision in the moment," he suggested, "but maybe there's something larger going on?"
"That's right," McMillon replied. "It's really city by city, location by location. It's store managers working with local law enforcement and we've got great relationships there for the most part."
McMillon went on to call for "consistency" and "clarity" from lawmakers so that he and other businesspeople could make capital investments with a greater degree of certainty.
Walmart is the largest retailer in the United States, with 4,720 stores across the country. In 2021 the company recorded $459.51 billion in sales.
Join and support independent free thinkers!
We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.
Remind me next month
To find out what personal data we collect and how we use it, please visit our Privacy Policy
