Key Points
Target's decision to close one store in New York City's Harlem neighborhood, two in Seattle, three in the San Francisco-Oakland area, and three more in Portland, Oregon, underscores the severity of the situation..
"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 stated in a news release..
This decision by Target to close stores highlights the company's ongoing battle with organized retail crime. Theft has been a significant factor in higher levels of shrink, which describes the losses incurred from damaged, misplaced, or stolen goods...
The Combating Organized Retail Crime Act proposes stricter penalties for theft offenses and aims to facilitate information exchange among retailers and law enforcement through the proposed Organized Retail Crime Coordination Center...
Target has not only relied on legislative support but has also taken various measures to address retail crime, including locking cases for merchandise, hiring third-party security services, providing training on de-escalation techniques, and investing in cybersecurity..
