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Walgreens says locking up products to prevent shoplifting hurts sales

Walgreens reports that locking up products to prevent shoplifting also deters paying customers, according to CEO Tim Wentworth.
The company suffered an operating loss of $245 million for the quarter, compared to $39 million the previous year.
Walgreens plans to close around 450 additional underperforming stores to improve sales performance.
Wentworth stated that their anti-theft strategies have been largely ineffective and described the situation as a hand-to-hand combat battle.

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timcast

Locking Products Up Makes Theft WORSE

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1 month ago

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The US Sun

Walgreens CEO admits controversial policy backfired but reversal not imminent

THE CEO of embattled chain Walgreens has admitted that one of its policies has had an impact on sales. Walgreens is just one of the chains that has turned to locking items in cases in a bid to combat retail theft. Timothy Wentworth admitted the chain’s anti-theft policy has backfiredCNBC A raft of Walgreens stores are to close in weeksGetty But, Timothy Wentworth opened up on the effects the policy has had on the company. “When you lock things u…

1 month ago

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Independent Sentinel

Walgreens Closes More Stores Due to Theft

Walgreens’ CEO has admitted that locking up items to avoid shoplifting has not worked – and it will close stores instead. Not only has the practice not curbed theft, it has dramatically hit sales. Over the past few years, major retailers like Walgreens, CVS, Walmart, and Target have increasingly resorted to locking up everyday items […] The post Walgreens Closes More Stores Due to Theft appeared first on www.independentsentinel.com.

1 month ago

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Staten Island Advance

Locking up products to combat shoplifting is bad for business, drugstore CEO reports

STATEN ISLAND, N.Y. -- While many big-box chains now lock up merchandise as a means of combatting theft -- requiring shoppers to buzz for help in releasing a stick of deodorant or pack of disposable razors -- at least one retailer has publicly admitted that the practice is bad for business.

1 month ago·Richmond County, United States

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Alabama Live

Walgreens used this strategy to reduce theft. Turns out, it was bad for business

While locking up merchandise can reduce theft, it also deters paying customers, according to Walgreens.

1 month ago·Alabama, United States

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Newser

Walgreens: We Accidentally Proved Locks Are a Dumb Idea

Consider it a simple economic truth, one that ordinary Americans evidently knew long before CEOs: "When you lock things up ... you don't sell as many of them." So declares Walgreens CEO Tim Wentworth, referring to the chain's strategy of putting lots and lots of products behind locked cases to deter...

1 month ago·Miami, United States

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