Target’s theft ‘involving violence or threats of violence’ more than doubled: CEOBy Ariel Zilber
August 16, 2023
Thefts at Target have become increasingly violent and dangerous for staffers, the retail giant’s CEO told investors on Wednesday.
Shoplifting that included “violence of threats of violence” surged 120% during the first five months of the year, said Brian Cornell, chief executive of the Minneapolis-based big-box chain.
“Our team continues to face an unacceptable amount of retail theft and organized retail crime,” Cornell said during the company’s second-quarter earnings call. “Unfortunately, safety incidents associated with theft are moving in the wrong direction.”
Cornell said that Target’s inventory shrink — which accounts for retail theft and other losses of merchandise — is “well-above the sustainable level where we expect to operate over time.”
The National Retail Federation, the nation’s largest retail trade group, said its latest security survey of roughly 60 retailers found shrink clocked in at an average rate of 1.4% last year, representing $94.5 billion in losses.
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Source:
https://nypost.com/2023/08/16/violent-thefts-at-target-more-than-doubled-this-year-ceo/
