Throughout the pandemic, major retailers have warned about surging theft and a rise in brazen shoplifting attempts. But a top Walgreens executive now says the freakout may have been overblown. “Maybe we cried too much last year” about the losses, he said.
“Maybe we cried too much last year” about merchandise losses, Walgreens finance chief James Kehoe acknowledged Thursday on an earnings call. The company’s rate of shrink — merchandise losses due to theft, fraud, damages, mis-scanned items and other errors — fell from 3.5% of total sales last year to around 2.5% during its latest quarter. Kehoe’s message is a notable shift from comments about theft from Walgreens and other retailers like Walmart and Target over the last nearly three years.
The numbers used didn’t add up Though Walgreens may have overblown the shoplifting threat over the last few years, it’s true that theft has always been a problem for retailers — and that it often spikes during recessions and other periods of economic hardship, when people are desperate and may feel the need to turn to petty crime to sustain themselves. What’s more, recent factors like shortstaffed stores and self-checkout can make it easier for thieves to steal.
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