Target executive: Organized retail crime surging, forcing store closures

Former Target executive Gerald Storch says theft and organized retail crime are threatening safety and business performance, causing Target to close stores.
Storch says the internet and social media are accelerating organized retail theft by helping gangs coordinate and creating a marketplace to quickly fence stolen goods.
Sophisticated criminal operations with layers of distribution make it hard to pin down the source of stolen merchandise.
Recent looting incidents in Philadelphia and nationwide show the scale of the problem facing retailers.
Storch argues going after organized crime rings nationally is key, since the profit potential drives criminals to continue stealing.

foxbusiness.com

Relevant topic timeline:

9/26/2023

Target Closing 9 Stores in Major Cities Due to Rampant Theft and Retail Crime

Target will close nine stores in major cities across the US due to violence, theft, and organized retail crime, citing the threat to the safety of its employees and customers as well as unsustainable business performance.

9/27/2023

Target Shutting Down East Harlem Store Due to Safety Concerns, Part of Broader Closures

Target is shutting down its store in East Harlem due to theft and crime, despite efforts by New York officers to protect the store and reduce incidents.

9/28/2023

Target closing Seattle stores despite crime data, surprising locals who question real motives

Following Target's announcement that it will close two Seattle stores due to safety concerns, questions arise about whether crime was the primary factor behind the decision, as police data points show that the most police responses this year were not directly related to the Target stores in the affected areas.

9/28/2023

Business Leaders Alarmed by Store Closures Caused by Surge in Retail Theft

Business leaders express alarm as Target announces the closure of nine stores due to large-scale theft, prompting concerns about the growing problem of organized retail crime.

9/29/2023

Retail Theft Surges, Forcing Target and Other Major Retailers to Close Stores

The rise in theft and violence at major retailers like Target is not only impacting the companies themselves but also negatively affecting the communities they operate in, leading to store closures, job losses, and reduced tax revenue.

9/30/2023

Target Closing Stores in Major Cities Due to Rising Retail Theft and Safety Concerns, Says Former Best Buy CEO

Former Best Buy CEO Hubert Joly has commented on Target's mass store closures, highlighting that it is a reflection of rampant retail theft in our society and the tensions that companies need to address.

10/12/2023

Target Closes Stores in Major Cities as Theft, Loss of Customers, and Labor Shortages Take Toll

Target is closing nine stores in four metropolitan areas due to organized retail crime and other pressures from the Covid-19 pandemic, including the shift to remote work, the rise of e-commerce, and ongoing worker shortages.

Topics

Posted 9/29/2023, 7:07:30 AM

Target executive: Organized retail crime surging, forcing store closures

Former Target executive Gerald Storch says theft and organized retail crime are threatening safety and business performance, causing Target to close stores.
Storch says the internet and social media are accelerating organized retail theft by helping gangs coordinate and creating a marketplace to quickly fence stolen goods.
Sophisticated criminal operations with layers of distribution make it hard to pin down the source of stolen merchandise.
Recent looting incidents in Philadelphia and nationwide show the scale of the problem facing retailers.
Storch argues going after organized crime rings nationally is key, since the profit potential drives criminals to continue stealing.

foxbusiness.com

Relevant topic timeline:

9/26/2023

Target Closing 9 Stores in Major Cities Due to Rampant Theft and Retail Crime

9/27/2023

Target Shutting Down East Harlem Store Due to Safety Concerns, Part of Broader Closures

Target is shutting down its store in East Harlem due to theft and crime, despite efforts by New York officers to protect the store and reduce incidents.

9/28/2023

Target closing Seattle stores despite crime data, surprising locals who question real motives

9/28/2023

Business Leaders Alarmed by Store Closures Caused by Surge in Retail Theft

Business leaders express alarm as Target announces the closure of nine stores due to large-scale theft, prompting concerns about the growing problem of organized retail crime.

9/29/2023

Retail Theft Surges, Forcing Target and Other Major Retailers to Close Stores

9/30/2023

Target Closing Stores in Major Cities Due to Rising Retail Theft and Safety Concerns, Says Former Best Buy CEO

10/12/2023

Target Closes Stores in Major Cities as Theft, Loss of Customers, and Labor Shortages Take Toll