Retail giant Target is closing down nine of their stores across the United States. The decision comes as a result of growing concerns over violence, theft, and organized retail crime. The company made the announcement after taking the safety of both employees and customers into consideration. Let’s take a look at a complete list of all the Target stores closing down in 2023 and explore the reason behind the move.
Target closes stores due to retail theft
In a recent press release, Target Corporation has explained the reasons behind its decision to close nine stores in major cities across the United States. The company cited the rise of organized retail crime as a threat to the safety of its team members and customers.
These criminal activities have also contributed to unsustainable business performance. Thus, it has become difficult for these stores to continue operations. The company emphasized the need for a safe working and shopping environment for all.
Organized retail crime represents a category of theft that extends beyond individual shoplifting incidents. It involves coordinated efforts by groups of individuals to target retail stores. These stores mostly carry high-value merchandise, such as electronics and luxury goods.
Other stolen goods include sporting equipment, cosmetics, clothing, handbags, and shoes. These criminals steal substantial quantities of products and then resell them in secondary marketplaces, both online and offline.
List of Target stores closing down in 2023
The following nine Target stores will be permanently closed on October 21, 2023:
New York:
- 517 E 117th St in New York City
California:
- 1690 Folsom St. in San Francisco
- 2650 Broadway in Oakland
- 4301 Century Blvd. in Pittsburg
Oregon:
- 939 SW Morrison St. in Portland
- 3031 SE Powell Blvd. in Portland
- 4030 NE Halsey St. in Portland
Washington:
- 4535 University Way NE in Seattle
- 1448 NW Market St, Ste 100 in Seattle
Other retailers facing the same issue
Target is not the only major retailer to face the challenges posed by organized retail crime. Walmart, Nordstrom, and Walgreens have also dealt with similar issues in the recent past, leading to store closures or adjustments in their business strategies.
#TSRInvestigates: Could Organized Crime Bring An End To Retail Stores As We Know Them? // WATCH: https://t.co/U4GldWtMVk pic.twitter.com/tN6JD4yvIH
— TheShadeRoom (@TheShadeRoom) September 19, 2023
Nordstrom recently closed its San Francisco flagship store and a Nordstrom Rack location in the city. The changes in market dynamics had clearly impacted their customer foot traffic. However, the company did acknowledge that theft losses were at historical highs.
Walmart CEO Doug McMillon called for aggressive prosecution of shoplifters and warned that stores may have to close if this issue is not addressed effectively. Walmart has closed some stores, including four in Chicago, due to profitability challenges.
How to prevent stores from closing down
Profit issues and organized crime have led to retail giants like Target closing down stores almost imminently. The meteoric rise in online shopping over the past decade effectively renders physical retail stores useless for most customers.
Yesterday, GPD & the U.S. Marshals Task Force, in conjunction w/ the Organized Retail Crime Task Force, arrested 21-year-old Brianna Jimenez in the 300 block of Slauson Ave in L.A. Jimenez was arrested in the company of previously arrested suspect, Ivan Ramirez (23), of L.A. pic.twitter.com/7wAM8l3t1S
— Glendale PD (@GlendalePD) September 21, 2023
This has put small businesses in complete jeopardy as their future looks bleak unless they evolve. Furthermore, identifying retail crime and eradicating it is the only way to keep the retail business alive and prevent more Target stores closing down.
In order to achieve this, security measures have to be strengthened across all retail stores in the United States. With proper accountability and safety standards, it is still possible to bring back customers to retail stores so that they can experience the joy of shopping.
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