Walmart About To Raise Its Prices For A Frightening Reason
Discount mega-store Walmart is having a bad time as of late, and it doesn’t seem to be getting any easier. They are now contending with the rise in shoplifters over the last year. There is such a high frequency of thefts across the store that if they persist, there may be Walmart price hikes to balance out their profits.
Over the last three years, consumers had to deal with the pandemic, then a European war, hyperinflation, and now an energy crisis that has led to a cost of living disaster. It has not been financially easy for everyday people as many families now have to tighten their belts and be more creative with their expenditures. Some people have become too creative and are resorting to stealing the things they need or want.
Walmart price hikes are due to shoplifting frequency being at its highest, according to its CEO. To battle the war against theft, they have put in place extra safety and security measures to try and reduce the number of products not being paid for. Depending on the location, local law enforcement is also in place to deter thieves.
Walmart isn’t the only chain store dealing with an increase in shoplifting. Target’s CEO also stated that they are dealing with a 50% rise in people taking items from the store without paying. This rise has cost the company over $400 million this year alone.
From an investigation into the habits of shoplifters in Walmart, it seems like organized theft is more prevalent than petty theft. When asked how local law jurisdictions handle petty crimes such as shoplifting, Walmart’s CEO stated that they have a lax approach to securing a prosecution when it comes to more minor offenses. If they put more effort into thieves having to pay for their actions, it may reduce the act itself. Since thieves think they will not even be reprimanded, there is no consequence to their unlawful actions.
If something isn’t corrected within the security system, the loss of profits will lead to Walmart price hikes and, eventually, store closures, as, without any profit, there is no point in running a store. The individual store and law enforcement in each location are responsible for deterring shoplifting.
Walmart is just recovering from the tragic shooting that occurred in its Chesapeake, Virginia, store last month. One of its managers that frequently worked in the branch shot six people before turning the gun on himself. Its staff has blamed Walmart for negligence. Many employees at the Chesapeake store had complained officially and unofficially about the aggressive and inappropriate nature of the doomed manager.
Walmart has a lot going on at the moment. It is tough to run a profitable business in this climate, but when you are recovering from an unspeakable tragedy, it is even harder. Modern life is harder for everyone this year. Over the holiday season, Walmart, along with other struggling stores nationwide, should be able to claw back some of their profits and start 2023 on a high. No one wants Walmart price hikes.
