Walmart CEO Doug McMillon said rising shoplifting may cause store closures and price increases if it continues.

“Theft is an issue. It’s higher than what it has historically been,” he told US network CNBC on Tuesday. “If that’s not corrected over time, prices will be higher, and/or stores will close.”

In addition to Walmart's safety and security measures by store location, local law enforcement working with store managers is also trying to prevent theft, he added.

The world's biggest retailer is losing $3 billion every year because of shoplifting, according to estimates.

Target's CFO Michael Fiddelke said last month that theft soared 50% from last year, causing more than $400 million in losses this year alone at the retailer. (Anadolu Agency)