Fox News contributor Joe Concha and WOR radio show host Mark Simon discuss New York’s organized crime and the shoplifting crisis.
Tim Wentworth, CEO of Walgreens Boots Alliance, acknowledged that closing products in order to combat retail theft has had a negative impact on stores.
During the earnings call on Friday, Executives announced a 52% increase in “downsizing,” Or loss of inventory that cannot be accounted for through sales. The increase in inventory loss comes after efforts by the pharmaceutical giant to crack down on shoplifting, which Wentworth suggested may have actually backfired.
“When you close things down… you don’t sell as much of it. We’ve proven that fairly conclusively,” Wentworth said.
Tim Wentworth claimed that anti-theft locking of items did not work. (Walgreens Boots Alliance/Business Wire/Fox News)
A dozen Walgreens stores in San Francisco will close
This is likely in reference to widespread images of various items, including ice cream, being locked up to deter shoplifters, a technique many pharmacies and retail stores have used to prevent theft. Wentworth claimed that these actions led to customer dissatisfaction.
Wentworth added that the company will be implementing new solutions to both problems, though he did not share any details.
Photos taken on December 23, 2022 show candy and ice cream locked or chained 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 “deflation,” Walgreens reported better-than-expected financial results for the first quarter of 2025, including a 7.5% increase in sales.
In October, the company announced it would close at least 1,200 stores over the next three years to cut costs. About 500 stores are expected to close during fiscal year 2025.
Get FOX Business on the go by clicking here
Many other stores over the past few years have taken several tough measures to crack down on shoplifters and organized crime theft. In addition to closing items, some have resorted to hiring private security guards or limiting store hours to protect workers.
Walgreens plans to close about 500 stores in 2025. (Joe Raedle/Getty Images/Getty Images)
Click here to read more about Fox Business