Retail theft at Walmart may lead to raised prices and store closures, CEO says

With retail thefts on the rise, Walmart's CEO says the company will have to start raising prices or even close stores.

In an interview Tuesday, CEO Doug McMillon indicated that would be the case if prosecutors continue to have a lax approach to shoplifting crimes, specifically organized retail theft.

Each store location has security measures in place, but the other part of the equation is partnering with local enforcement agencies to hopefully correct the issue over time, McMillon said.

His remarks come after state efforts to tackle this issue. A retail crime task force with the California Highway Patrol has increased their presence at shopping centers this holiday shopping season - to heighten visibility and make arrests.

Some retail giants say they may have to start raising prices and closing stores due to retail theft. Local stores are facing the same challenges.

The task force has had some success. Since its inception, it has recovered merchandise valued at nearly $26 million.

Competitors like Target have also seen major increases in retail theft. The company recently reported $400 million more in losses this year compared to last year.

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