Walgreens 'maybe cried too much' about shoplifting concerns last year, executive says

While many retailers have raised alarms about a purported shoplifting crisis, industry data suggests that 'shrink' – the amount of inventory lost due to mismanagement or theft – has remained essentially unchanged over the last five years.

told investors the company in 2020 and 2021 experienced a 52% increase in shrink

“It's not somebody who can't afford to eat tomorrow,” Kehoe said in a Jan. 2022 conference call. “These are gangs that actually go in and empty our stores of beauty products,” adding that the issue was felt across the retail industry. FTC files first suits to stop companies from making workers sign noncompete restrictions

Kehoe said Walgreens would consider rolling back investments it made to beef up its stores’ private security, which he called “largely ineffective.” It would instead look to further partner with law enforcement, he said.

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