{"id":1843235,"date":"2023-02-11T10:04:57","date_gmt":"2023-02-11T15:04:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1843235"},"modified":"2023-02-11T10:09:23","modified_gmt":"2023-02-11T15:09:23","slug":"walmart-to-close-multiple-stores-after-they-fail-to-meet-financial-expectations","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/walmart-to-close-multiple-stores-after-they-fail-to-meet-financial-expectations\/","title":{"rendered":"Walmart to Close Multiple Stores After They Fail to Meet Financial Expectations"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwalmart-to-close-multiple-stores-after-they-fail-to-meet-financial-expectations%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1843235&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/1.tagreuters.com2022binary_LYNXMPEI6O0YK-FILEDIMAGE-1200x779-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p>Retail giant <a href=\"https:\/\/www.theepochtimes.com\/t-walmart\">Walmart<\/a> According to a spokesperson, multiple stores will be closing across three states due to poor performance.<\/p>\n<p>A Walmart in southeast Albuquerque, New Mexico, is closing down in March after\u00a0underperforming, as is the\u00a0South Halsted Street, Homewood store in Illinois.<\/p>\n<p>A Walmart spokesperson informed The Epoch Times via email that a store at West Silver Spring Drive, Milwaukee, Wisconsin will also be closing next month. Another is shuttering at Route 59,\u00a0Plainfield,\u00a0Illinois, in March.<\/p>\n<p>According to the spokesperson, the decision was made. \u201cnot made lightly and was reached only after a thorough review process.\u201d<\/p>\n<p>Walmart has\u00a05,000 stores across the United States.<\/p>\n<p>The spokesperson added that some of the stores do not meet Walmart\u2019s financial expectations and that while \u201cour underlying business is strong,\u201d The closing stores performed less well than the retailer expected.<\/p>\n<p>\u201cThere is no single cause for why a store closes\u2014our decision is based on several factors, including historical and current financial performance, and is in line with the threshold that guides our strategy to close underperforming locations,\u201d According to the spokesperson.<\/p>\n<p>A third Walmart Pickup at\u00a0McCormick Blvd. According to Walmart, the public will be able to leave Lincolnwood, Illinois by February 17, 2017.<\/p>\n<p>\u201cAs this is a pickup and delivery-only location, we have taken what we learned from this location and made it part of how we operate pick-up and delivery from our surrounding stores, where we look forward to serving our customers,\u201d According to the spokesperson.<\/p>\n<h2>Stores Did Not Perform Well<\/h2>\n<p>The upcoming store closures come shortly after Walmart CEO\u00a0Doug McMillon warned in December that\u00a0retail <a href=\"https:\/\/www.theepochtimes.com\/t-theft\">Theft<\/a> Is \u201chigher than what it has historically been\u201d If this is not rectified over time, \u201cprices will be higher, and\/or stores will close.\u201d<\/p>\n<p>\u201cI think local law enforcement being staffed and being a good partner is part of that equation, and that\u2019s normally how we approach it,\u201d\u00a0McMillon stated in an <a href=\"https:\/\/www.theepochtimes.com\/growing-number-of-ceos-issue-warnings-about-retail-theft-epidemic-across-us_4912415.html\">Interview<\/a> on\u00a0CNBC.<\/p>\n<p>The CEO stopped short of stating exactly which locations could be shuttered\u00a0due to rising theft incidents.<\/p>\n<h2>Retail Theft is on the Rise<\/h2>\n<p>A September <a href=\"https:\/\/cdn.nrf.com\/sites\/default\/files\/2022-09\/National%20Retail%20Security%20Survey%20Organized%20Retail%20Crime%202022.pdf\">Report<\/a> by the\u00a0National Retail Federation found that retail theft and other inventory loss\u2014known as \u201cshrink\u201d\u2014 had an average rate of 1.4 in 2021, which is consistent with the past five years.<\/p>\n<p>When taken as a percentage of total retail sales in 2021, that shrink rate represents $94.5 billion in losses, up from $90.8 billion in 2020, which the federation said is primarily been driven by theft, including theft as part of\u00a0organized retail crime.<\/p>\n<p>Retailers, on average, saw a 26.5 percent increase in\u00a0organized retail crime incidents in 2021, according to the report,<\/p>\n<p>As a result, many large retailers, including\u00a0Walmart,\u00a0began locking some higher-priced items away in cabinets or storing them behind glass shields.\u00a0Still, such measures haven\u2019t always proven successful.<\/p>\n<p>In May last year, the Attorney General\u2019s Office and Albuquerque Police created the Organized Retail Crime Unit amid rising retail thefts, carrying out a special week-long retail operation at\u00a0one of Walmart\u2019s stores in\u00a0Albuquerque\u2014which is now set to close. 16 people were arrested during that operation.\u00a0Since September 2022, the team\u2019s conducted eight operations, arresting about 85 people.<\/p>\n<p>It is unclear if recent store closings are related to increasing retail crime.<\/p>\n<p>The Epoch Times reached out to Walmart for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail giant Walmart According to a spokesperson, multiple stores will be closing across three states due to poor performance. A Walmart in southeast Albuquerque, New Mexico, is closing down in March after\u00a0underperforming, as is the\u00a0South Halsted Street, Homewood store in Illinois. A Walmart spokesperson informed The Epoch Times via email that a store at West &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1843238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5437,8427,10875,4263,3767,4066,9845,11489],"class_list":["post-1843235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-close","tag-expectations","tag-fail","tag-financial","tag-meet","tag-multiple","tag-stores","tag-walmart"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1843235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1843235"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1843235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1843238"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1843235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1843235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1843235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}