Walgreens CEO says anti-shoplifting strategy backfired: ‘When you lock things up…you don’t sell as many of them’

Duh, they’re called “convenience stores” for a reason.

> After reporting a 52% increase in shrink, or lost inventory, in 2020 and 2021, Walgreens invested in increased security that proved to be “largely ineffective.”

Lies, damned lies, and statistics. That link for “2020 and 2021” goes to an article which states:

> But shrink at Walgreens recently has come down to 2.5-2.6% of sales from 3.5% in 2022, according to Kehoe, who said Thursday he was “quite happy” with current shrink levels.

A one percent increase in shrink for a period of maybe two years, and you would have thought that these types of places were being raided by vagrants on a daily basis by the reporting. Well, I say “reporting,” but I guess it was mostly viral Youtube videos and the CEOs blaming inflation on retail theft. But people clearly bought the narrative.

Locking things behind glass only works if you have store associates roaming around and easily accessible. It works at places like Best Buy because there’s always someone nearby to ask.