Walmart CEO says company may hike prices, close stores if wave of shoplifting continues
Lack of prosecution of shoplifters could drive business decisions, executive claims.
The chief executive of Walmart said this week that the company may be forced to close down stores or raise prices if a wave of shoplifting continues to buffet the company.
Walmart CEO Doug McMillon told CNBC's Squawk Box that thefts at the company's stores are posing "an issue" that's "higher than what it has historically been."
“We’ve got safety measures, security measures that we’ve put in place by store location," he said. "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."
Yet the CEO argued that "a lax approach from prosecutors could impact prices and lead to store closures down the line," according to CNBC.
"If that’s not corrected over time, prices will be higher, and or stores will close,” he argued, though he noted that “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," he said.