27th September 2023 – (New York) U.S. retail giant Target revealed on Tuesday its decision to shut down nine stores in major cities across the country, citing escalating violence, theft, and organized retail crime as the primary reasons for the closures.
The affected locations include one store in New York City, two stores in Seattle, three stores in the San Francisco-Oakland area, and three more in Portland, Oregon. These stores are scheduled to permanently close their doors on October 21, as reported by CNBC.
In a press release, Target stated, “We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance.” The company’s concern for the well-being of its employees and customers, as well as the negative impact on its overall operations, prompted the difficult decision to cease operations at these particular locations.
Target, headquartered in Minneapolis, Minnesota, is a renowned general merchandise retailer with a presence in all 50 U.S. states and the District of Columbia. With close to 2,000 stores nationwide, the company reported a substantial revenue of $109 billion in 2022.
The announcement comes after Target’s previous statement in May, highlighting the severity of the issue of organized retail crime, which it predicts will cost the company an additional $500 million in lost and stolen merchandise this year compared to the previous year.
Target is not alone in facing these challenges, as other prominent retailers such as Walmart, Best Buy, and Home Depot have also spoken out about the escalating problem of organized retail crime. The increasing frequency and audacity of theft and criminal activities have forced businesses across the country to confront the issue head-on.