Target has announced that it will be closing nine stores due to theft and organized retail crime. The closures will affect stores in California, Colorado, Minnesota, New Jersey, and Washington.
The statement says the company took the decision to close nine locations “very seriously” and only after “taking meaningful steps to invest in the guest experience and improve business performance.”
“In this case, 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 statement reads. “We know that our stores serve an important role in their communities, but we can only be successful if the working and shopping environment is safe for all.”
The company also says store leaders and security teams were trained to protect themselves and “de-escalate potential safety issues associated with organized retail crime incidents.”
The company also says the company invested in “cyber defense” to combat organized retail crime and partnered with the Department of Homeland Security’s division to combat retail theft. The company says it additionally made various community investments, like the creation of an outreach coordinator team that “connects guests experiencing hardship to community resources.”
The closures come as Target and other retailers have been struggling to deal with a surge in theft and organized retail crime. In recent months, there have been numerous reports of thieves stealing large quantities of merchandise from Target stores. Some of the thefts have been violent, with employees being assaulted or threatened.
CNBC reported in mid-May that the company specifically cited organized retail crime as an issue impacting its bottom line at the end of the second quarter. CEO Brian Cornell told CNBC and other outlets that the reduced profitability — down around $500 million from the year prior — was at least in part due to organized retail crime.
Target announces it’s closing 9 stores across 4 states, including a store in Harlem NYC, 3 in Portland, 3 in San Francisco and 2 in Seattle because of theft and organized crime “threatening the safety of our team and guests, and contributing to unsustainable business…
— Sara Eisen (@SaraEisen) September 26, 2023
