Target said Tuesday that it will be shutting nine stores in October over “theft and organized retail crime” which is “threatening the safety of our team and guests,” Axios reported.
Retail crime in the U.S. accounted for $112.1 billion in financial loss in 2022, according to a National Retail Federation report. Part of the loss stems from organized retail crime, wherein gangs of people swarm stores and leave with thousands of dollars worth of products that can then be sold online.
Target cannot continue to operate nine of its stores because of mass loss that is destabilizing the entire company. “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,” Target wrote in a news release. (LEARN MORE: Washington D.C. Residents Blame Rising Crime On ‘No Fear Of God’)
All Strategies Approached
“Before making this decision, we invested heavily in strategies to prevent and stop theft and organized retail crime in our stores, such as adding more security team members, using third-party guard services, and implementing theft-deterrent tools across our business. Despite our efforts, unfortunately, we continue to face fundamental challenges to operating these stores safely and successfully,” the news release continued.
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