Target said it's closing nine store in four states, including one in East Harlem, New York and three in San Francisco, saying that theft and organized retail crime have threatened the safety of its workers and customers.
and three in San Francisco, saying that theft and organized retail crime have threatened the safety of its workers and customers.
While the store closings account for just a fraction of the 1,900 stores Target operates nationwide, the move is significant. It underscores the big challenges that retailers like Target face in reducing theft in stores as they wrestle with protecting their workers and customers while trying to serve the community, particularly low-income and minority groups who rely on the local stores for necessities.
Moreover, Cornell told analysts in August that violent incidents against workers at Target stores increased 120% for the first five months of the year compared with the same period a year ago. It’s unclear how much money retailers broadly are losing due to organized retail crime -- or if the problem has substantially increased. But the issue has received more notice in the past few years as high-profile smash-and-grab retail thefts and flash mob robberies have garnered national media attention. Over the past few quarters, an increasing number of retailers including Dick's Sporting Goods and Ulta Beauty have been calling out rising theft, calling it a factor in shrinking profits.
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