On Tuesday, Target announced that a select number of its stores will be closing due to theft and organized retail crime that compromised both safety and business operations.
Stores in New York, Washington, California, and Oregon are among those affected, as stated in a press release. Nine stores have been slated for closure by October 21.
The list of stores closing comprises one in Harlem, N.Y; two in Seattle, Wash.; three around San Francisco and Oakland, Calif.; and three in Portland, Ore. The company mentioned that all "eligible" workers will be given the chance to move to different Target stores.
LOCATIONS OF TARGET STORES CLOSING DUE TO VIOLENCE AND THEFT:
- New York City Market (1 Store)
- Seattle Market (2 Stores)
- San Fransisco/Oakland Market (3 Stores)
- Portland Market (3 Stores) pic.twitter.com/7gFaqk2Fxz
— Insider Paper (@TheInsiderPaper) September 26, 2023
"Before making this decision, we invested heavily in strategies to prevent and stop theft and organized retail crime in our stores, such as adding more security team members, using third-party guard services, and implementing theft-deterrent tools across our business. Despite our efforts, unfortunately, we continue to face fundamental challenges to operating these stores safely and successfully," commented Target.
Following its announcement that inventory shrinkage, primarily due to merchandise theft, is projected to reduce profits by $500 million this year, and with a $700 million decrease in profits from the same issue in 2022, the company decided to shut down certain stores.
"Shrink in the second quarter remained consistent with our expectations but well above the sustainable level where we expect to operate over time," stated Target CEO Brian Cornell during the company's second quarter earnings call.
Before coming to the resolution to close stores, Target emphasized that they had "invested heavily in strategies to prevent and stop theft and organized retail crime in our stores". This included enhancing store security, employing third-party security services, and rolling out "theft-deterrent" mechanisms throughout the enterprise. However, the eventual step became clear: shutting down select stores.
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