Target shuts nine stores after billions in loss due from retail crimes
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After a loss worth $112.1 billion in 2022 due to retail crimes and theft, the retail mogul, Target, decided to close down nine stores across the US.
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A Target store is seen June 29, 2016, in Hialeah, Fla. Target announced, on Tuesday, Sept. 26, 2023, that it will close nine stores in four states. (AP)
"Theft and organized retail crime" behind the closure of nine Target stores across the US according to a statement released by Target setting the closure date at October 21, 2023.
The increased crimes "are threatening the safety of our team and guests," Target said which reported losses reaching approximately $112.1 billion in 2022 based on a report by the National Retail Federation.
The nine stores set to be closed, said Target, were "contributing to unsustainable business performance," and as such had to close" despite the knowledge that Target stores "serve an important role in their communities, but we can only be successful if the working and shopping environment is safe for all."
The nine stores include the Harlem branch in New York, two Seatle stores, three Portland, and three stores in the San Francisco/Oakland market. This comes after retailers have become more vocal regarding increased crime rates including violence and theft.
Retailers such as CVS and Walgreens have faced crimes of theft leaving them with damaged bottom lines. In turn, the National Retail Federation has revealed that thefts are often occurring with the aim of resale.
Read more: US retailers raise alarms over surge in thefts amid ongoing inflation
