While the closures account for just a fraction of Target stores nationwide, the move underscores the challenges retailers face in reducing theft in stores.
ANNE D'INNOCENZIO AP Retail WriterNEW YORK — Target said Tuesday that it will close, including one in New York City's East Harlem neighborhood, and three in San Francisco, saying that theft and organized retail crime have threatened the safety of its workers and customers.
Target said it has invested heavily in strategies to prevent theft, such as adding more security workers, using third-party guard services and installing theft-deterrent tools, like locking up merchandise. It also has trained store leaders and security-team members to protect themselves and de-escalate potential safety issues.
While the store closings account for just a fraction of the 1,900 stores Target operates nationwide, the move underscores the challenges retailers face in reducing theft in stores, protecting their workers and customers, and maintaining locations in areas that might have few shopping alternatives. Target CEO Brian Cornell has been one of a handful of retail CEOs flagging what they described as rising theft over the past year or so. Cornell had held steadfast he didn't want to resort to closing stores despite mounting losses. Target said in May that theft wasand it expected related losses could be $500 million more than last year, when losses from theft were estimated to be anywhere from $700 million to $800 million. So that means losses could top $1.2 billion this fiscal year.
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Target to close 9 stores including 3 in San Francisco, citing theft that threatens workers, shoppersTarget said it's closing nine stores in four states, including one in East Harlem, New York and three in San Francisco, saying that theft and organized retail crime have threatened the safety of its workers and customers.
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