Fox News contributor Joe Concha and WOR radio show host Mark Simone discuss the organized crime and shoplifting crisis in New York.
Tim Wentworth, CEO of Walgreens Boots Alliance, admitted that locking down products in order to fight against retail theft had a negative impact on stores.
During an earnings call Friday, executives reported a 52% increase in “activity reductions,” or a loss of inventory that cannot be accounted for by sales. The increase in inventory losses comes after the pharmacy giant’s efforts to combat shoplifting, which Wentworth said may have had the opposite effect.
“When you lock things down…you don’t sell as many. We’ve kind of proven that pretty conclusively,” Wentworth said.
Tim Wentworth said locking things up to combat theft doesn’t work. (Walgreens Boots Alliance/Business Wire/Fox News)
A DOZEN WALGREENS STORES IN SAN FRANCISCO TO CLOSE
This probably refers to viral images of several items, including ice creambeing locked up to deter shoplifters, a technique that several pharmacies and retail stores have used to prevent theft. Wentworth claimed these measures had led to customer dissatisfaction.
Wentworth added that the company would implement new solutions to both issues, although he did not share any details.
Photos from December 23, 2022 show candy and ice cream locked or chained at a New York Walgreen’s store on Lexington Avenue near East 61st Street. (Fox News Digital / Fox News)
Despite an increase in “shrinkage”, Walgreens published better than expected financial results for the first quarter of 2025, including a 7.5% increase in sales.
In October, the company announced that it closure of at least 1,200 stores over the next three years to reduce costs. About 500 stores are expected to close in fiscal 2025.
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Many other stores in recent years have taken several drastic measures to combat shoplifters and organized theft by organized crime. In addition to locking up items, some have decided to hire private security guards or limit store hours to protect workers.
Walgreens plans to close about 500 stores in 2025. (Joe Raedle/Getty Images/Getty Images)
