Current:Home > NewsTarget says it's closing 9 stores because of surging retail thefts-InfoLens
Target says it's closing 9 stores because of surging retail thefts
View Date:2024-12-23 11:18:14
Target is shuttering nine stores in four states because mounting thefts and organized retail crime at those locations is jeopardizing the safety of workers and customers.
The closings, which take effect on Oct. 21, include three stores in California's Bay Area; three stores in Portland, Oregon; two in Seattle; and one in New York City. Target said that it still will have a combined 150 stores after the closures.
"[W]e 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," Target said in a statement. "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 also said it had added security guards and taken other measures in a bid to prevent thefts at the affected stores, but to no avail. "Despite our efforts, unfortunately, we continue to face fundamental challenges to operating these stores safely and successfully," the company said.
The rise in shoplifting and other incidents at Target locations comes as other retailers say a rise in crime is hurting their business. Whole Foods in April temporarily closed one of its flagship stores in San Francisco, citing concerns that crime in the area endangered employees. And retailers including Dick's Sporting Goods and Ulta Beauty have also pointed to rising theft as a factor in shrinking profits.
During the pandemic, a rise in so-called smash-and-grab retail robberies impacted retailers across the U.S., with organized theft rings targeting major chains.
Target CEO Brian Cornell told Wall Street analysts in August that assaults on Target store workers increased 120% over the first five months of the year compared with the year-ago period.
"Our team continues to face an unacceptable amount of retail theft and organized retail crime," he said at the time. "Unfortunately, safety incidents associated with theft are moving in the wrong direction."
A recent survey by the National Retail Federation found that stores reported $112 billion in total inventory losses last year, with internal and external thefts accounting for roughly two-thirds of that figure, up from nearly $94 billion in 2021. The group also noted that more retailers reported a rise in violent incidents.
"While theft has an undeniable impact on retailer margins and profitability, retailers are highly concerned about the heightened levels of violence and threat of violence associated with theft and crime," NRF said.
The Target stores set to close are:
California
- 1690 Folsom St. in San Francisco
- 2650 Broadway in Oakland
- 4301 Century Blvd. in Pittsburg
New York
- 517 E 117th St in New York City
Oregon
- 939 SW Morrison St. in Portland
- 3031 SE Powell Blvd. in Portland
- 4030 NE Halsey St. in Portland
Washington
- 4535 University Way NE in Seattle
- 1448 NW Market St, Ste 100 in Seattle
—The Associated Press contributed to this report.
- In:
- Retail Theft
- Target
Khristopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial stories that range from economic inequality and housing issues to bankruptcies and the business of sports.
TwitterveryGood! (342)
Related
- Taylor Swift Becomes Auntie Tay In Sweet Photo With Fellow Chiefs WAG Chariah Gordon's Daughter
- Frankie Grande Has Epic Response to Rumors Ariana Grande is a Cannibal
- Woman swimming off Japanese beach was swept into the Pacific, but rescued 37 hours later and 50 miles away
- BMW to recall over 394,000 vehicles over airbag concern that could cause injury, death
- Tua Tagovailoa playing with confidence as Miami Dolphins hope MNF win can spark run
- Multiple Chinese warships spotted near Alaska, U.S. Coast Guard says
- Shark species can get kind of weird. See 3 of the strangest wobbegongs, goblins and vipers.
- Prince Harry and Meghan Markle Have Royally Cute Date Night at 2024 ESPYS
- Wreck of Navy destroyer USS Edsall known as 'the dancing mouse' found 80 years after sinking
- Inside Black Walnut Books, a charming store focusing on BIPOC and queer authors
Ranking
- Diddy's ex-bodyguard sues rape accuser for defamation over claims of 2001 assault
- 2024 ESPY Awards: Winners and highlights from ESPN show
- 2024 ESPY Awards: Winners and highlights from ESPN show
- Jürgen Klopp not interested in USMNT job. What now? TV analysts weigh in
- 'Squid Game' creator lost '8 or 9' teeth making Season 1, explains Season 2 twist
- BMW to recall over 394,000 vehicles over airbag concern that could cause injury, death
- Why Blake Lively Says Ryan Reynolds Is Trying to Get Her Pregnant With Baby No. 5
- Social Security recipients could see the smallest COLA increase since 2021. Here's what to expect.
Recommendation
-
'America's flagship' SS United States has departure from Philadelphia to Florida delayed
-
Jon Stewart says Biden is 'becoming Trumpian' amid debate fallout: 'Disappointed'
-
2024 ESPYS: Prince Harry Gives Nod to Late Mom Princess Diana in Emotional Speech
-
Fire breaks out in spire of Rouen Cathedral in northwest France
-
Why Outer Banks Fans Think Costars Rudy Pankow and Madison Bailey Used Stunt Doubles Amid Rumored Rift
-
Hurricane Beryl Was a Warning Shot for Houston
-
2 more officers shot to death in Mexico's most dangerous city for police as cartel violence rages: It hurts
-
BBC Journalist’s Family Tragedy: Police Call Crossbow Murder a Targeted Attack