CVS Health Chief Executive Karen Lynch said the drugstore chain is trying to help end a trend of smash-and-grab robberies.
The company has been seeing more “organized crime,” she said, speaking on CNBC’s Power Lunch.
She said the crime has not had much effect on the company’s bottom line.
The theft, Lynch said, had been spurred by online marketplaces that allow people to sell and profit from stolen goods anonymously.
Lynch called them “criminals” and said they were “taking our products off the shelf and they’re putting them online and we need to go after that.”
Other retailers like Target, Home Depot and Autozone have also said leaders need to crack down on the sale of stolen goods.
Several of them, CVS included, have also signed a letter of support for new legislation to require verification of third-party sellers on online retail marketplaces.
Best Buy has also gotten in on the proceedings, taking measures to lock up some merchandise, working with retail trade groups and hiring more security guards. Speaking with CNBC, CEO Corie Barry said the spate of organized crimes included thieves bringing crowbars or guns to stores as they take consumer electronics.
This, she said, might have an effect on retention of employees and recruiting them at all, as the labor market is still seeing troubles.
CVS Health expects to see more sales as it expands its healthcare services, both in stores and in consumers’ homes.
During CVS Health’s Investor Day, Lynch said the company has been working to accommodate changes in consumer habits. And she said consumer trust in the brand has been increasing since the pandemic began.
Read more: CVS Expanding Healthcare Services, Expects Sales Jolt
CVS has reportedly given out over 50 million COVID vaccines and done 29 million tests for the virus between the time the pandemic started and the end of November. And around 85% of Americans live within 10 miles of at least one CVS store.
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