Walgreens CEO Acknowledges Locking Up Products Hurt Sales and Failed to Curb Theft

The pharmacy chain plans to close 1,200 stores as it seeks new solutions to combat rising retail theft and inventory losses.

Walgreens CEO Tim Wentworth admitted that locking up merchandise to deter shoplifting has reduced sales and customer satisfaction.
The company reported a 52% increase in 'shrink,' or inventory losses, despite implementing anti-theft measures like locked cases.
Walgreens is closing 1,200 underperforming stores over the next three years as part of a broader cost-cutting and restructuring strategy.
Executives are working on 'creative' solutions to address theft while improving the shopping experience but have not disclosed specific plans.
Despite challenges, Walgreens posted better-than-expected first-quarter results with a 7.5% rise in sales, signaling cautious optimism for a turnaround.