Target Takes Action: Closing Stores and Implementing Security Measures to Combat Retail Theft
Target is closing nine stores in major cities across four states due to theft and organized retail crime, which the company claims have made the environment unsafe for staff and customers and unsustainable for business. The stores include locations in New York City, Seattle, Portland, and San Francisco. Target had previously warned of losing $500 million this year due to rising theft. Retailers, including Nordstrom and Whole Foods, have also closed stores or made changes to combat store crimes. The National Retail Federation reported that average shrinkage cost retailers $112.1 billion in losses in 2022, up from $93.9 billion in 2021. Target plans to continue investing in security measures to protect its remaining stores.
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