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

Target will close 9 stores in major cities due to theft, violence, and organized retail crime. The stores set to close are in New York, Seattle, San Francisco, Oakland, and Portland.
Target says it cannot continue operating these stores safely for team members and guests. Theft and retail crime are threatening safety and business performance.
Target has taken measures like security guards and locked cases to deter theft, but challenges remain at these 9 locations. Employees will be offered transfers to other stores.
Organized retail crime is hitting profits at Target and other retailers. Target is pushing for legislation to impose harsher penalties for retail crime offenses.
Though shrink rates are largely stable nationwide, some retailers like Target and Walgreens have closed specific urban stores due to high rates of theft and inability to operate profitably.

cnbc.com

Relevant topic timeline:

9/27/2023

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