On September 26, Target announced it was closing nine stores "because theft and organized retail crime are…contributing to unsustainable business performance." Target said that before making the decision to close stores, it "invested heavily in strategies to prevent and stop theft and organized retail crime." But ultimately, the company asserted, those efforts were not enough to make those stores "successful."
      • xantoxis@lemmy.worldEnglish
        6·
        1 year ago

        It’s almost as if they want to close stores for profitability, and the “theft” angle is a poorly planned attempt to deflect criticism.

        One of the stores Target is closing due to claims of increased crime is located in New York City in a shopping plaza in the East Harlem area. An analysis by Popular Information, however, found that the area surrounding the plaza at 517 East 117th Street has had fewer incidents of shoplifting reported this year than other Target locations in Upper Manhattan.

        Crazy.

        In 2022, according to the survey, “shrink” […] was 1.57% of total retail sales, up from 1.44% in 2021. This means that an average of $1.57 in inventory was lost for every $100 in sales.

        You don’t say.

        Well if they’re gonna close them from “crime”, I hope the orGAnIzeD ReTAil tHefT rInGs empty the place out before it goes.

  • slazer2au@lemmy.worldEnglish
    10·
    1 year ago

    Didn’t their own SEC report say the closed the stores due to underperformance? Because lying to the SEC and shareholders is against the law but lying to the public is not.