Target will close nine stores in four states, saying that theft and organized retail crime have threatened the safety of its workers and customers.
Target Closings
The closings, which will be effective Oct. 21, also include three stores in Portland, Oregon. Target said that it still will have a combined 150 stores open in the markets where the closures are taking place. Target will offer affected workers the opportunity to transfer to other stores.“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,” Target said in a statement on Tuesday.
While the store closings account for just a fraction of the 1,900 stores Target operates nationwide, the move is significant. It underscores the big challenges that retailers like Target face in reducing theft in stores as they wrestle with protecting their workers and customers while trying to serve the community, particularly low-income and minority groups who rely on the local stores for necessities.
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 even despite mounting losses. Target said in May that theft was and 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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