Why is Walmart closing all Portland stores?

Walmart will close its last two stores in Portland, Oregon due to the never-ending wave of shoplifting that has devastated retailers.

The closures are set for March 24, 2023. This comes months after CEO Doug McMillon warned the discount retailer was seeing a spike in “shrink” — a term the retail industry uses to address losses related to in-store theft or fraud.

“Theft is an issue. It’s higher than what it has historically been,” McMillon said during an appearance on CNBC’s “Squawk Box” in December 2022.

“I think local law enforcement being staffed and being a good partner is part of that equation. … If that’s not corrected over time, prices will be higher, and/or stores will close.”

The company did not say whether retail theft was a factor in shuttering the Walmart locations in the North and Southeastern sections of Rose City.

Walmart said the decision to close the Portland stores followed a “careful review of their overall performance,” a Walmart spokesperson told local news outlet KPTV last month.