Fox News contributor Joe Concha and WOR radio host Mark Simone discuss New York’s organized crime and shoplifting crisis.
Walgreens Boots Alliance CEO Tim Wentworth admitted that product locking in order to the fight against retail theft had a negative impact on stores.
During Friday’s earnings call, executives reported a 52% increase in “downsizing”, or loss of inventory that cannot be compensated by sale. The increase in stock losses comes after the pharmaceutical giant’s efforts to crack down on shoplifting, which Wentworth suggested had actually backfired.
“When you lock things up … you don’t sell as much. We’ve proven that pretty convincingly,” Wentworth said.
Team Wentworth argued that locking items in the fight against theft does not work. (Walgreens Boots Alliance/Business Wire/Fox News)
DOZENS OF WALGREENS STORES IN SAN FRANCISCO ARE TO CLOSE
This probably refers to the viral images of several items, including ice creamlocking to deter thieves, a technique that several pharmacies and retail stores have used to prevent theft. Wentworth argued that these measures led to customer dissatisfaction.
Wentworth added that the company will implement new solutions for both issues, though he did not share any details.
Photos dated Dec. 23, 2022 show candy and ice cream locked or otherwise tied up at a New York City Walgreen’s store on Lexington Avenue near East 61st Street. (Fox News Digital / Fox News)
Despite the increase in “reductions,” Walgreens reported better-than-expected fiscal first-quarter 2025 results, including 7.5% sales growth.
In October, the company announced that it would be closing at least 1,200 stores over the next three years to reduce costs. About 500 stores are expected to close during the 2025 fiscal year.
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Numerous other stores in the past few years have taken over several drastic measures to combat shoplifting and organized crime theft. In addition to locking up items, some have hired private security guards or limited store hours to protect workers.
Walgreens plans to close about 500 stores by 2025. (Joe Raedle/Getty Images/Getty Images)
