Target blames crime as the retail giant confirms it will permanently close nine more stores in major cities across the US on October 21

TARGET has made the shocking announcement that it will be closing nine stores in major cities due to unprecedented crime and theft.

Closings in New York City, Seattle and Portland come after CEO Brian Cornell warned that historically high crime rates could force executives to make difficult decisions.

Target has announced it will close nine stores due to theft and organized retail crime


Target has announced it will close nine stores due to theft and organized retail crimePhoto credit: Getty
The shocking closures came after CEO Brian Cornell warned that unprecedented crime rates could force executives to make difficult decisions


The shocking closures came after CEO Brian Cornell warned that unprecedented crime rates could force executives to make difficult decisionsPhoto credit: Getty

“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 a 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.”

One location in New York’s Harlem will close, as well as three in San Francisco, two in Seattle and three more in Portland, Oregon.

The announcement came as Cornell was outspoken about organized retail crime targeting the brand’s stores.

Major retail chains blame TikTok videos for the shoplifting boom and warn their employees
Shoppers are grumbling about the “new reality in retail” as major chains block their products

He warned investors that retail shrinkage, the loss of a company’s inventory, had become a $500 million problem annually.

Last month, the CEO expressed fears for the safety of his employees after revealing that Target stores had seen a massive 120 percent increase in theft incidents involving force or threat of force in the first five months of the year.

Cornell remained adamant about the severity of the problem and its determination to address the issue, but was still hesitant to close locations.

“We know how important our businesses are,” he said at the time CNBC.

“They create local jobs, they generate taxes, they are very important to local shoppers and they play a critical role in communities across the country.”

“We will continue to do everything we can to keep our doors open.”

He added: “At the same time, we will closely monitor the safety of our team and guests, as well as the financial impact on our business, as we determine the right path forward for Target.”

Cornell is one of several retail executives to speak out about the impact of theft, as Lauren Hobart, CEO of Dick’s Sporting Goods, called the problem alarming.

In an earnings release in August, Hobart reported a decline in profits due to increased shrinkage and said crime was an increasingly serious problem affecting many retailers.

Nordstrom CEO Erik Nordstrom said a third of the company’s overall losses were due to crime, with $100,000 worth of merchandise stolen from one Los Angeles location.

According to a National Retail Federation survey, retail theft will be a $112 billion problem affecting major retailers in 2022.

A growing list of brands is closing stores to combat the problem, including Walgreens, Walmart, Nike and Dollar Tree.

Retailers also take inconvenient anti-theft measures such as including lower-priced merchandise, which saves on products but detracts from the shopping experience.

As thefts increase, retailers’ profits will continue to decline.

Meet the Ryder Cup Wags from Europe and the USA, including a former Miss Jersey runner-up

This could mean further price increases until companies find a better solution to stop thefts at their locations.


PaulLeBlanc is a Dailynationtoday U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. PaulLeBlanc joined Dailynationtoday in 2021 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing:

Related Articles

Back to top button