Target To Shutter Nine Stores In Major Cities After Being Targeted By Violence, Theft
by Tyler Durden
"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 press 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."
According to CNBC, the company will close one store in Harlem, two stores in Seattle, three stores in the San Francisco-Oakland Bay Area, and three more in Portland, Oregon.
According to CNBC, Target, which has nearly 2,000 stores in the U.S., has been outspoken about organized retail crime at its stores. It has said theft has driven higher levels of shrink, an industry term used to describe losses from goods that were damaged, misplaced or stolen.
With today's announcement, Target also stands apart in its decision to both shutter stores and to explicitly blame that decision on retail crime.