Drug store theft woes driving customers to Amazon, CEO says

• Over the past few years, all three brands have closed hundreds of locations each, with Rite Aid also filing for bankruptcy last year.

Driving the news: Following the release of its earnings report on Thursday afternoon, Jassy told investors on a call that walking into pharmacies in cities now "is a pretty tough experience with how much is locked behind cabinets — where you have to press a button to get somebody to come out and open the cabinets for you — and shoplifting going on in the store."

• "The combination of what's happened in physical world and how much improvement we've made to our pharmacy experience is driving a lot of customers," he added.

The big picture: Retailers know that locking up items hurts sales.

• Secured cases can cause sales to drop 15% to 25%, Joe Budano, CEO of anti-theft technology company Indyme, told Axios' Kelly Tyko last year.

The intrigue: Amazon's also been the target of criminal resale activity, in which organized crime rings list stolen goods online.

• The company says it uses "sophisticated detection and prevention solutions" across its operations to spot theft and potential resale of stolen goods.
• Last summer, the Inform Act, a bipartisan bill that requires online platforms like Amazon to disclose and verify the identity of its sellers, also took effect to curb retail theft.