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Giant Food president’s haunting words on store closures as beloved supermarket with 165 locations faces shoplifting
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As seen in The U.S. Sun
Giant Food's President, Ira Kress, voiced concerns about rising shoplifting incidents and the potential for store closures due to safety and profitability issues. As shoplifting continues to escalate, the grocery chain has implemented stricter security measures while communities express concerns about losing their only grocery store options.
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Outside of Giant Foods, experts are noticing a trend of retailers leaving downtown locations that have been negatively affected by the pandemic.
“For the big box and the grocery [stores], which are trying to optimize a single-digit margin, it is very difficult to operate, and you will see more and more exits happening,” predicted Lakshman Lakshmanan, senior director of Alvarez & Marsal’s consumer and retail group.