(BPR) Target is shutting down nine stores in four leftist states citing skyrocketing crime, organized retail theft, and safety concerns for employees.
(Video Credit: CBS Evening News)
The cities where Target is shutting down its outlets include New York City, Seattle, San Francisco, and Portland. The retail giant said the move was necessary because “theft and organized retail crime are threatening the safety of our team and guests,” according to the Daily Mail.
“On October 21, two locations in Seattle, three stores in the San Francisco-Oakland neighborhood, three stores in Portland, and one store in Harlem, New York will close for good,” the news outlet reported.
Crime is running rampant in blue states and Democrat-controlled cities. Retail outlets and businesses in general are fleeing them as fast as they can. Organized retail crime, where gangs of thieves swarm stores to steal products, has led to huge losses for companies.
Target expects to lose $500 million in merchandise this year from retail theft. The store also expects to lose another $700 million in inventory shrinkage from last year due to the pandemic and supply chain issues. That’s a whopping $1.2 billion in losses. The retail chain simply cannot withstand the massive losses.
(Video Credit: ABC7 News Bay Area)
“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,” Target announced in a press release.
“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 news release further stated.
The shuttering of the stores comes just months after Target CEO Brian Cornell noted that the company was losing millions due to violent crime in its stores, asserting that there has been a “120 percent increase in theft incidents involving violence or threats of violence” during the first five months of the year, according to The Washington Post.
Workers have previously stated that Target outlets were being ripped off every ten minutes, according to the Daily Mail. They claim they have actually watched thieves “shoveling” items into bags before taking off.
(Video Credit: NBC News)
Target has tried to stop the theft by investing “heavily” in a number of strategies that have been implemented in its stores.
The retail giant has added extra security and installed theft deterrent tools such as locked glass display cases. Its efforts haven’t even fazed thieves and the chain is now saying that it faces “fundamental challenges” that make it virtually impossible to manage its stores “safely and successfully” in these cities.
Products such as shampoo, deodorant, toothbrushes, and some foods are now kept behind locked barriers, requiring staff to open them.
(Video Credit: Daily Mail)
“The team members at these stores have worked hard to maintain our high standards by creating a positive working and shopping experience for each other, our guests, and their communities. We are extremely thankful for their efforts and will be partnering closely with all eligible team members to offer them an opportunity to transfer to other Target locations,” Target announced concerning its employees.
“Looking ahead, we remain committed to serving these guests with more than 150 locations open in markets where the closures are taking place and an always-open experience at Target.com,” the retailer further commented.
On Tuesday, Target took a hit in the stock market with its shares falling 1.7 percent. The chain’s stock price dropped 25 percent this year after falling 36 percent in 2022, according to Bloomberg.
But crime isn’t the store’s only issue. There is purportedly a weakening demand for clothing and home goods as well. And then there was the blowup over transgender merchandise being marketed to children during Gay Pride Month.
Target is now spending $5 billion on its stores across the country to keep them open and profitable. That may be a losing battle at this point. The chain is attempting to go more digital to stave off theft.
Target is closing down these 9 stores due to shoplifting. Notice a pattern? pic.twitter.com/csqB0omT6Y
— End Wokeness (@EndWokeness) September 26, 2023