Target to close 9 stores — including NYC location — citing ‘theft’ and employee ‘safety’

[mystery-ak]

 Target to close 9 stores — including NYC location — citing ‘theft’ and employee ‘safety’
By Lisa Fickenscher   
Published Sep. 26, 2023, 3:50 p.m. ET

Target said it is closing nine stores in major markets across the country — including its Harlem location in New York City — because of rampant theft and violence.

“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 Minneapolis-based discount retailer said in a Tuesday statement.

The stores will close on Oct. 21 and span four states, including New York, which will lose its East Harlem location at 517 E. 117th St.

The other locations to be shuttered are in San Francisco, Seattle, Portland and Ore. — all cities that have been struggling with an epidemic of aggressive organized retail theft that has ramped up over the past few years.

Target’s announcement follows on the heels of another massive round of store closures including Rite Aid, which filed for bankruptcy protection and is likely shuttering up to 500 stores in the coming months, according to reports.

more
https://nypost.com/2023/09/26/target-to-close-9-stores-citing-theft-and-employee-safety/

[Kamaji]

[Cyber Liberty]

These stores have been absorbing their losses due to shoplifting by shifting costs to other stores and insurance.  However, the thieves have now taken to assaulting store employees, and that is a bigger problem (although they won't admit that).  It becomes a dangerous (to them) problem when the employees start suing the stores.

[Gefn]

 

[rangerrebew]

 
Target cites violence and theft as reasons to shut down nine stores
Story by Asher Notheis •
15h
 
Retailer Target is shuttering nine of its locations across four major cities, which have been hot spots for rising crime and retail theft.

The locations will close their doors on Oct. 21, with Target citing "organized retail crime" threatening the safety of its employees and customers as part of the reason for closing. Of the locations, one is in New York City, three are in San Francisco, three are in Portland, and two are in Seattle.
 
“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,” Target said in a news release. “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.”

https://www.msn.com/en-us/money/companies/target-cites-violence-and-theft-as-reasons-to-shut-down-nine-stores/ar-AA1hiFd0?ocid=msedgdhp&pc=U531&cvid=a1c3b859025648d099c845ae770e3031&ei=39

[Kamaji]

Vote for democrats long enough, and eventually you'll get to "enjoy" the consequences.

[Mod2]

Merged threads

[catfish1957]

When a store walks away from a normal business model that offers 30% ROCE, you know there is some serious shrink, theft, and long term profitabiility issues going on.

It's the minions fault they didn't do some self policing of their feral population, because they all now have to suffer.

[rangerrebew]

Target’s NYC store closure should be ‘wakeup call’ — as plans for nearby outpost delayed: sources
Story by Lisa Fickenscher, Steve Cuozzo •
12h
 

Target’s decision to shutter its first Manhattan location amid rampant shoplifting should serve as a “wakeup call to city officials,” an industry expert said — and the retailer’s plans to open another store in the neighborhood have been delayed, The Post has learned.

The Minneapolis-based discount chain announced Tuesday it will close the E. 117th St. store  – along with eight other locations in Seattle, Portland, Ore., and San Francisco – on Oct. 21, citing the “safety” of its employees amid increasingly violent incidents of crime

“It’s a terrible result and hopefully serves as a wakeup call to city officials that this needs to be dealt with ASAP, otherwise there will be more to follow,” warned Jeffrey Roseman, vice chairman of real estate giant Newmark.

“The city has always been the mecca for retailers from across the world who wanted to be a part of the action. We can’t afford to let that slip away.”

Manhattan DA Alvin Bragg has been criticized for refusing to prosecute shoplifters, who have preyed on businesses since the pandemic.

https://www.msn.com/en-us/money/companies/target-s-nyc-store-closure-should-be-wakeup-call-as-plans-for-nearby-outpost-delayed-sources/ar-AA1hmxUq?ocid=msedgdhp&pc=U531&cvid=652d4e22fb6a48119e31853751db361e&ei=11