Target, the discount retailer based in Minneapolis, has recently announced the closure of nine stores due to rampant theft and violence. The company stated that the safety of their team and guests, as well as the unsustainable business performance, were the main reasons behind this decision. These store closures, which will take place on October 21, will affect major markets in four states, including the East Harlem location in New York City. Additionally, stores in San Francisco, Seattle, and Portland will also be shuttered.
This announcement from Target comes after a wave of store closures in the retail industry, with Rite Aid being the most recent example. Rite Aid, which has filed for bankruptcy protection, is expected to close up to 500 stores in the near future. Target had previously invested heavily in various strategies to combat shoplifting, such as increasing security guards and implementing theft deterrent tools. However, these efforts proved to be ineffective, leading to the decision to close these stores.
Target’s concern for the safety of its employees is not unfounded, as retail theft has become increasingly aggressive. CEO Brian Cornell emphasized this issue earlier this year when he revealed that incidents of violence and threats had surged by 120% in the first five months of the year. The company is now grappling with the challenge of ensuring the safety of its employees while also maintaining successful operations.
Overall, the closure of these stores is a result of the ongoing problem of theft and violence plaguing major retail markets. Target recognizes the need to prioritize the safety of its team and guests, making the difficult decision to close these locations.
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