OR: Walmart to close remaining Portland stores as crime-ridden city battles shoplifting wave

Source: New York Post

“Walmart will close its last two stores in crime-plagued Portland, Ore., as the city contends with a relentless wave of shoplifting that has hammered retailers. The closures, set for March 24, come months after CEO Doug McMillon warned the discount retailer was seeing a spike in ‘shrink’ — a term the retail industry uses to address losses related to in-store theft or fraud. ‘Theft is an issue. It’s higher than what it has historically been,’ McMillon said during an appearance on CNBC’s ‘Squawk Box’ in December. ‘I think local law enforcement being staffed and being a good partner is part of that equation. … If that’s not corrected over time, prices will be higher, and/or stores will close.’ The company did not say whether retail theft was a factor in shuttering the Walmart locations in the North and Southeastern sections of the Rose City.” (03/06/23)