Current:Home > NewsTarget announces nine store closures, cites 'organized retail crime'-Angel Dreamer Wealth Society D1 Reviews & Insights
Target announces nine store closures, cites 'organized retail crime'
View Date:2024-12-23 23:23:25
Target announced Tuesday that nine of its stores across the country will be closed.
The company will close stores in New York City, the San Francisco Bay area, Portland and Seattle, explicitly citing retail theft as the driving factor for the closures.
"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 said in a press release.
The retail chain operates about 1,950 stores in the U.S., so Tuesday's announcement would shrink Target's footprint by less than 1%.
This is not the first time the company has called out organized retail crime as a trend. In its first quarter earnings call in May, Target CEO Brian Cornell said retail theft was “a worsening trend that emerged last year.”
“The problem affects all of us, limiting product availability, creating a less convenient shopping experience, and putting our team and guests in harm’s way,” Cornell said on the call.
The stores will remain open until October 21 after which employees will be offered the opportunity to transfer to other stores, according to the release.
Where is Target closing stores?
- New York City, Harlem: 517 E 117th Street
- Seattle, University Way: 4535 University Way NE
- Seattle, Ballard: 1448 NW Market St, Ste 100
- San Fransisco, Folsom and 13th St: 1690 Folsom St
- Oakland, Broadway & 27th: 2650 Broadway
- Pittsburg, Calif. : 4301 Century Blvd
- Portland, Galleria: 939 SW Morrison St
- Portland, Powell: 3031 SE Powell Blvd
- Portland, Hollywood: 4030 NE Halsey St
What does the data say?
Retailers have been increasingly concerned about a loss of profits because of shrinkage – an industry term that refers to the difference between the inventory a store has on its balance sheet and its actual inventory.
Some of the data pointing to a rise in theft has been contested, with critics questioning if retailers are mistakenly blaming too great a share of their losses on organized crime.
A 2022 report from the NRF found $94.5 billion in losses in 2021 because of shrink, up from $90.8 billion in 2020.
But the average shrink rate actually dropped from 1.6% to 1.4%, according to their findings, meaning the dollar figure spike could be attributed to higher prices because of inflation rather than a spike in shrink or theft.
David Johnston, vice president of asset protection and retail operations at the National Retail Federation, a retail trade association told USA TODAY that while NRF believes 37% of 2021’s shrink loss was related to external theft, those estimates are “not scientific.”
veryGood! (31)
Related
- CRYPTIFII Introduce
- Everything Elle King Has Said About Dad Rob Schneider
- Judge rules Breonna Taylor’s boyfriend caused her death, dismisses some charges against ex-officers
- Row house fire in Philadelphia kills woman, girl; man, boy taken to hospitals with 3rd-degree burns
- Question of a lifetime: Families prepare to confront 9/11 masterminds
- Kansas judge throws out machine gun possession charge, cites Second Amendment
- Federal appeals court upholds Maryland’s handgun licensing requirements
- Amazon announces upcoming discount event, Prime Big Deal Days in October: What to know
- John Krasinski Reveals Wife Emily Blunt's Hilarious Response to His Sexiest Man Alive Title
- Popular family YouTuber Ms. Rachel is coming out with a toy line very soon
Ranking
- Man killed in Tuskegee University shooting in Alabama is identified. 16 others were hurt
- Shohei Ohtani joins exclusive 40-40 club with epic walk-off grand slam
- Run To American Eagle & Aerie for Styles up to 90% Off, Plus Deals on Bodysuits, Tops & More as Low as $3
- What Each Zodiac Sign Needs for Virgo Season, According to Your Horoscope
- Republican Scott Baugh concedes to Democrat Dave Min in critical California House race
- Kylie Jenner, Chris Pratt and More Stars Celebrate Birth of Hailey and Justin Bieber's Baby Jack
- Expert defends security guards in death of man at Detroit-area mall a decade ago
- Polaris Dawn mission: Launch of commercial crew delayed 24 hours, SpaceX says
Recommendation
-
Georgia remains part of College Football Playoff bracket projection despite loss
-
Kansas judge throws out machine gun possession charge, cites Second Amendment
-
North Carolina’s highest court won’t fast-track appeals in governor’s lawsuits
-
Ohtani hits grand slam in 9th inning, becomes fastest player in MLB history to join 40-40 club
-
Fire crews on both US coasts battle wildfires, 1 dead; Veterans Day ceremony postponed
-
Why TikToker Jools Lebron Is Gagged by Jennifer Lopez Embracing Demure Trend
-
Subway slashes footlong prices for 2 weeks; some subs will be nearly $7 cheaper
-
Police search for the attacker who killed 3 in a knifing in the German city of Solingen