What: Target Corporation is closing nine stores due to rising concerns over theft and safety.

Why it is important: Retailers are increasingly concerned about safety and are prioritizing efforts to address theft and crime.

The affected stores are located in Portland, the San Francisco area, Seattle, and New York City. The company stated that theft and organized retail crime have put the safety of their employees and customers at risk, as well as impacting their business performance.

Target operates nearly 2,000 stores and has been actively addressing retail crime issues. The retailer had previously warned that shrinkage, or missing inventory, would lead to a USD 500 million reduction in earnings this year. They have seen a 120% increase in thefts involving violence or threats of violence. Despite efforts to prevent theft, Target has concluded that operating these stores safely and successfully is no longer feasible. The company will continue to invest in store security and technology to combat theft and seeks collaborative solutions with the community, government, and industry.

Target is closing nine stores due to rise in organised theft