What genius retail executive mind could have figured this one out – that locking up merchandise in stores actually makes its more difficult for honest, paying customers to get to, and buy what they want?
Walgreens – facing a significant drop in year-over-year earnings – just announced plans to close 450 more stores nationwide, according to Futurism/The Byte. These closures exhibit the broader challenges faced by Walgreens.
Efforts to curb “shrink” — losses from theft or fraud — included increased security measures, such as locking merchandise in containers requiring staff assistance at Walgreens.
However, these measures proved ineffective and counterproductive, frustrating customers.
CEO Tim Wentworth said on the company’s earning’s call: “It is a hand-to-hand combat battle still, unfortunately.”
Hellbound and Down 