Some Walmart Stores Could Be Closing In the Future in New York?
Retail stores are busy this time of year, as we are in the thick of the holiday shopping season. Christmas is two and a half weeks away, as people try and get as many items for presents as possible.
Unfortunately, this time of year is also when we see an uptick in shoplifting, which has gone up overall over recent years.
Retailers are struggling as they try and combat the uptick of theft. It's hurting retailers' bottom line and what makes it even more challenging is that it's different state to state and even city to city.
Walmart is one of the biggest retailers in the world and is in the thick of the shoplifting problem, which is what Walmart CEO Doug McMillon spoke about in a recent interview with CNBC; talking about how to combat the theft problem.
McMillon had a blunt and honest answer regarding the theft problem, as it relates to his Walmart stores. More specifically, rules that have been changes, where criminals won't be prosecuted below certain levels.
"If that's not corrected over time, prices will be higher and/or stores will close," said McMillon.
"Theft is an issue, it's higher than what it's been," added McMillion.
It remains to be seen is Walmart stores close because of this issue. McMillon did say if things don't change, that's the avenue we're going down, which will impact the consumers.
Will any of those stores be in New York state? Perhaps, but it's clear that the shoplifting and left issue has started to impact consumers of these retailers.