Target to Close 9 Stores in 4 US States Amid Increasing Retail Crime, Reports Reuters

Target announced on Tuesday its decision to close nine stores in four U.S. states, including California, citing concerns over theft and organized retail crime that threaten the safety of both employees and customers.

The closures will take effect on October 21 and will involve one store in New York City, two in Seattle, three in the San Francisco and Oakland areas, and three in Portland.

Despite significant investments in security measures, the company continues to encounter “fundamental challenges” in maintaining safe store operations. With nearly 2,000 stores across the United States, Target emphasized the necessity of these closures, stating that the ongoing theft and organized crime activities impact the safety of its staff and shoppers, and contribute to unsustainable business conditions.

The issue of theft and retail crime has intensified for U.S. retailers, with organized crime groups increasingly targeting retail inventories, leading to significant financial losses. According to a report released by the National Retail Federation earlier on Tuesday, inventory loss, also known as “shrink,” accounted for $112.1 billion in losses in 2022, rising from $93.9 billion in 2021.

Target, based in Minneapolis, stated that it will assist affected employees by providing options for transferring to other locations within the company.