Walgreens CEO Tim Wentworth told investors recently that locking up the store’s merchandise to deterred shoplifters has also harmed sales.
The company reported an operating loss of $245 million for the first quarter, compared to a $39 million loss the year before. The revenue loss has forced the company to close hundreds of stores by the end of the year.
Wentworth said the company was looking into creative ways to combat the rise in retail theft, which has contributed to the company’s decrease in revenue, but that locking things up has not been effective, per CBS News.
“When you lock things up … you don’t sell as many of them. We’ve kind of proven that pretty conclusively,” Wentworth said. “I don’t have anything magnificent to share with you today. It is a hand-to-hand combat battle still, unfortunately.”
Other companies have also resorted to locking things behind plastic or glass walls to limit shoplifters. But locking things up has derailed impatient paying customers who do not want to wait for an employee to unlock the display. […]
— Read More: justthenews.com
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