Walmart is warning stores will close across the country if retail theft doesnt stop. Reuters has reported the retail giant loses nearly $3 billion each year. However, that number has recently increased to historic highs, according to Walmarts CEO. While the CEO would not give a specific number for this years losses to Insider, he says its enough to increase prices and close down stores. Walmart isnt the only retailer dealing with a historic spike in retail theft. Target reports that stolen inventory reduced its 2022 gross margin by more than $400 million compared to last year. Targets CEO blames losses in the retail industry on organized retail theft. Why should you care about giant retailers losing money to theft? Walmarts warning explains it best. Prices will rise, and you will be forced to foot the bill. The National Association for Shoplifting Prevention previously reported retail theft costs taxpayers $33.21 billion a year. As a consumer, you may not feel a drastic hit to your pockets because of retail theft. However, as a small business owner, your bank accounts are taking a harsh hit. According to the U.S. Chamber of Commerce, 54% of small business owners experienced an increase in shoplifting in 2021. Walmart says its working closely with local officials in every area where there is a Walmart to address the issue. Question: What can be done to combat retail theft? What internal controls can Walmart put in place to prevent the theft of merchandise in its stores?