TARGET has announced that it is closing a major New York City location due to theft. Many are wondering what impact this could have on the community that needs it most.
Target announced it was closing a key location in Manhattan, New York, due to shoplifting, sparking concern among many shoppers that other stores might follow its lead.
Last month, it was announced that Target’s East Harlem location and eight other stores would be closing due to ongoing retail crime.
“We cannot continue to operate these stores as theft and organized retail crime threaten the safety of our team and guests and contribute to unsustainable business performance.” Target said in a statement.
“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.”
The store originally opened in the East River Plaza shopping center in 2010. Currently, Target shares the same facility with Costco, Aldi and Burlington stores.
Lou Martins, who owns a restaurant in the area with his wife, revealed it CNN that this is not the first time a store in the area has been closed due to retail theft.
“Here, too, drugstores had to close because of shoplifting. What happens if other businesses move away? I can feel it. People here fear that crime is increasing, from shoplifting to more violent crime. As a community we cannot allow this to continue.”
Mark Cohen, director of retail studies at Columbia University’s business school, believes that once Target is no longer available, it will have an impact on the number of shoppers who also visit other stores.
“Other stores in the mall may seek to renegotiate their lease terms citing reduced foot traffic,” he said.
Theft is a serious problem at major retailers. Both Costco and Walmart are introducing new theft protection measures to curb the rampant problem.
Missing goods due to internal theft, fraud or damage caused retailers $112.1 billion in losses last year National Retail Association.
“The East Harlem store could have had a very high volume of sales but still lost money to theft,” Cohen said.
The store’s East Harlem location will be available through October 21st.
The US Sun has reached out to Target for comment.