Target said it's closing nine stores 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
FILE - A Target store is seen June 29, 2016, in Hialeah, Fla. Target announced, Tuesday, Sept. 26, 2023, that it will close 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.
For example, the Target store in East Harlem is located in a heavily Hispanic area, and residents have few choices to buy good quality healthy foods. In San Francisco, one of the stores slated to close is located at 13th Street and Folsom under a busy overpass with homeless tents in a largely commercial neighborhood with auto shops. In Seattle, one of the stores is located on a busy avenue near the University of Washington.
“Our team continues to face an unacceptable amount of retail theft and organized retail crime,” Cornell told analysts. “Unfortunately, safety incidents associated with theft are moving in the wrong direction.” The National Retail Federation, the nation’s largest retail trade group, said its latest security survey of roughly 177 retailers found that inventory loss -- called shrink — clocked in at an average rate of 1.6 % last year, representing $112.1 billion in losses. That's up from 1.4% the previous year.
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