Not Good: Walmart Warns Price Hikes And Closures May Happen If This Continues

By Ryan Canady | Friday, 09 December 2022 10:25 AM
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Not Good: Walmart Warns Price Hikes And Closures May Happen If This Continues

The CEO of Walmart stated this week that prices might be going up across their stores.

That is for the stores that remain at all.

Walmart CEO Doug McMillon spoke with CNBC about the fact that thefts at Walmart stores remain a major issue for the company. He said the following on CNBC:

"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."

The CEO argued that the relaxed approach to shoplifters could be causing those shoplifters to be more emboldened to do what they do.

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McMillion argued the following:

"If that's not corrected over time, prices will be higher, and or stores will close,"

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However, he said that the decisions that will be made about store closures would come down on a city-by-city and location-by-location basis. He noted that the store managers and local law enforcement have great relationships with one another, and Walmart is committed to continuing to enhance those relationships over time.

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The scary thing about this is that McMillion sees no other option but to potentially close stores because crime has gotten so out of hand in some places. It is hard to blame Walmart for this one when you consider that prosecutors are not going after shoplifters nearly as seriously as they have before.

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The CEO stated that another thing that Walmart is looking at is how they might lock up certain items behind lock and key in their stores. This might prove necessary for certain items because some criminals will go after specific items if they believe those items are of high enough value to them. Again, McMillion decided that this would be on a location-by-location basis.

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Many people rely on Walmart for all of their weekly grocery shopping and shopping for other items. They may not have to deal with even higher prices at the end of their trip. That is a scary notion because it means that a low-cost retailer that one could typically rely on for low prices year after year might not be able to provide those same low prices for the items they need. The only hope is that shoplifting prosecutions begin to become more severe again.

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