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Walmart CEO: Retail theft could drive store closures, price increases

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December 16, 2022

Retail theft is increasing and impacting big and small brands, including the biggest retailer, Walmart.

The level is increasing so much that Walmart may consider closing stores and increasing prices in response.

Those statements were made by Walmart CEO Doug McMillion in an interview with CNBC.

"Theft is an issue. It's higher than what it has historically been," he told CNBC's "Squawk Box."

"We've got safety measures, security measures that we've put in place by store location. 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," McMillon said.

Target recently reported shoplifting has spiked 50% compared to a year ago, resulting in $400 million in losses, according to CNBC.