As Target decides whether to close stores in high crime cities, it said would look to improve worker training and add more 'asset protection' employees to the locations. 'Violent incidents are increasing,' says Target CEO:
The retailer estimated in its earnings release Wednesday that— mostly the theft of merchandise — would clip profits by a whopping $500 million this year. Factoring in an about $700 million profit hit from inventory shrinkage in 2022, Target is on pace to see $1.2 billion in profits go up in smoke, due primarily to organized retail crime.says the problem is getting worse, is nationwide, and across various merchandise departments.
The problem of organized retail crime has only grown worse in recent years, as thieves look to secure goods and sell them cheaper to consumers in an age of elevated inflation. Nordstrom recently followed Whole Foods in exiting a key location in San Francisco, citing concerns over worker safety.20 closures of household-name stores in the city since 2010, including Office Depot.
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