US retailers are closing stores, cutting operating hours and changing product selections in response to an increase in crime

9/27/2023

US retailers are closing stores, cutting operating hours and changing product selections in response to an increase in crime, per the National Retail Federation.

Yesterday, Target, $TGT, said it will close nine stores across the country after struggling with crime and safety threats at those locations.

"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," the company said in a statement.

The stores set to close include one in Harlem, N.Y; two in Seattle, Wash.; three near San Francisco and Oakland, Calif.; and three in Portland, Ore.

It previously said that retail theft cut profits by $500 million this year.

"Shrink in the second quarter remained consistent with our expectations but well above the sustainable level where we expect to operate over time," Target CEO Brian Cornell said.

"Despite our efforts, unfortunately, we continue to face fundamental challenges to operating these stores safely and successfully," the statement said.

Read more: https://unusualwhales.com/news/target-tgt-said-it-will-close-nine-stores-across-the-country-after-struggling-with-crime-and-safety-threats-at-those-locations

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