Target will close nine stores across the country due to an increase in crime and other safety concerns.
The company announced in a press release Tuesday that it will close locations in New York City, Seattle, San Francisco and Portland because “theft and organized retail crime threaten the safety of our team and our guests.”
On October 21, two locations in Seattle, three stores in the San Francisco-Oakland area, three stores in Portland and one store in Harlem, New York will close for good.
“We cannot continue to operate these stores because theft and organized retail crime threaten the safety of our team and guests and contribute to unsustainable business performance,” Target said in the paper. press release.
“We know our stores play an important role in their communities, but we can only be successful if the working and shopping environment is safe for everyone.”
Target will close at least nine stores nationwide due to an increase in crime and other safety concerns
These are the nine stores closing on October 21:
New York City:
• Harlem: 517 E 117th Street
Seattle:
• Seattle University Way: 4535 University Way NE
• Seattle Ballard: 1448 NW Market St, Ste 100
San Francisco/Oakland:
• SF Folsom and 13th St: 1690 Folsom St
•Oakland Broadway and 27th: 2650 Broadway
• Pittsburg: 4301 Century Blvd
Portland:
• Portland Galleria: 939 SW Morrison St
• Portland Powell: 3031 SE Powell Blvd
• Portland Hollywood: 4030 NE Halsey St
The news comes just months after Target CEO Brian Cornell said violent crimes in its stores are costing the company millions.
In May, Target expected to lose $500 million a year to violent shoplifters.
Combined with a $700 million inventory reduction from last year — partly due to supply chain chaos, much of it caused by the pandemic — the retailer has seen as much as $1.2 billion go up in smoke.
At the time, some workers claimed their stores were being robbed every ten minutes.
A Target store in San Francisco locked its entire inventory behind security glass as crime in the city spiraled out of control. A video posted to TikTok on April 20 shows all items under lock and key for customers
One employee said there are at least ten thefts a day and it happens every ten minutes
Before making the “difficult” decision to close nine stores, Target said the retailer was investing “heavily” in several strategies to prevent crime in stores.
Focuses on implemented methods to prevent and stop theft and organized retail crime, including increased security, the use of third-party surveillance services and tools to deter theft.
However, the retailer was ultimately unsuccessful as they continued to face ‘fundamental challenges’ that made it impossible to run the stores ‘safely and successfully’.
“Despite our best efforts, we unfortunately still face fundamental challenges in operating these stores safely and successfully.”
“The team members at these stores have worked hard to maintain our high standards by creating a positive work and shopping experience for each other, our guests and their communities. We are extremely grateful for their efforts and will work closely with all eligible team members to offer them the opportunity to transfer to other Target locations.”
Nevertheless, Target pledges to continue the fight against theft and organized retail crime by making significant investments in keeping stores safe.
“Looking ahead, we remain committed to serving these guests with more than 150 open locations in markets experiencing closures and an always-open experience at Target.com.”
Target Corp. shares were down 1.7 percent at 3:15 PM on Tuesday. But crime isn’t the only problem Target has faced in recent years.
The retailer is also struggling with declining demand for durable goods, such as clothing and household items. Target’s stock price fell 25 percent this year, after a 36 percent dip in 2022 Bloomberg reported.
Last month, dramatic footage captured how a Target shoplifter was caught by police after stealing a TV, only to return moments later to steal a second one.
Theft and crime have led to several store closures in recent years, especially in San Francisco.
Employees said they have witnessed individuals actively “shoveling” goods into bags before leaving.
Several products, including shampoo, deodorant, toothbrushes and some foods, are now kept behind barriers, requiring staff to open them.
Last month, dramatic footage captured how a Target shoplifter was caught by police after stealing a TV, only to return moments later to steal a second one.
Store employees detained a police officer after the man brazenly returned after the first theft. The officer waited outside with security and approached the man as he left the store with the second 65 inch LG TV.
Bodycam footage shows the officer sprinting after the man with the taser drawn and attacking him in the parking lot.
A Target store in San Francisco locked its entire inventory behind security glass as crime in the city spiraled out of control. A video posted to TikTok on April 20 shows all items under lock and key for customers.
In July, Target was spending $5 billion on its stores across the country as part of a strategy to keep them open and profitable.
The Minneapolis company said it would use the money to improve guest services and invest in digital facilities.
The investment was in response to issues facing retail spaces across the country, including shoplifting and the rise of online shopping.
Target isn’t the only store closing its doors for good. Business insider reported that at least 20 other major retailers have announced store closures in 2023, with as many as 3,193 stores set to close in the US.