When you’re a company as big as Walmart, everything about you is huge, even your losses from shoplifting.
The retailing giant says that it loses about $3 billion every year from theft, or 1% of its $300 billion in revenue, Reuters reports.
Leading the effort to fight back against this so-called “shrinkage” is Greg Foran, head U.S. operations, who told reporters Thursday that cutting down on these loses was a key priority for the firm in coming months.
“One percent of $300 billion is quite a lot of money. If you can save 10 basis points of it – boy I’ll take it every day of the week and put it into lower prices for customers,” Foran said to Reuters.
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- The Revolution of Yulia Navalnaya
- 6 Compliments That Land Every Time
- Stop Looking for Your Forever Home
- If You're Dating Right Now , You're Brave: Column
- The AI That Could Heal a Divided Internet
- Fallout Is a Brilliant Model for the Future of Video Game Adaptations
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com