Target will be closing nine stores in major cities across four states due to theft and organized retail crime, citing safety concerns for staff and customers. The stores will shut down on October 21, and affected employees will have the option to transfer to other Target locations. The retailer claims to have increased security measures and implemented anti-theft tools before making the decision to close the stores. Although it is not clear if the stores were underperforming or reaching revenue goals, Target previously stated that it was expecting to lose $500 million this year due to rising theft.
Target says it will close nine stores in major cities across four states because of theft and organized crime.
Target has announced that it will be closing nine stores in major cities across four states. The decision to close the stores is due to theft and organized retail crime, which Target claims have made the environment unsafe for both staff and customers. The stores are set to shut down on October 21, and affected employees will have the opportunity to transfer to other Target locations. Target says that it has implemented additional security measures and anti-theft tools before making the decision to close the stores.
Theft and organized retail crime pose challenges for retailers
Target is not the only retailer struggling with theft and organized retail crime. Many retailers, both large and small, have reported difficulties in containing store crimes, which have negatively impacted their bottom lines. Some retailers have closed stores or made changes to merchandise and layouts in an attempt to address the issue. However, skeptics argue that stores have not provided sufficient evidence to support their claims, and one retailer even stated that theft was being exaggerated as an issue. As economic fears grow amid inflation and rising borrowing costs, shoplifting often becomes more prevalent, As highlighted by industry watchers.
Despite the challenges posed by theft and organized retail crime, Target acknowledges the important role its stores play in their communities. However, the retailer believes that it can only be successful if the working and shopping environment is safe for all. Target’s decision to close the nine stores is driven by its commitment to ensuring the safety of its team and guests, as well as maintaining sustainable business performance.