Target expects to lose roughly $1.2 billion in profits from retail theft in 2022 and 2023.
On Tuesday the big box retailer announced plans to close nine stores, effective Oct. 21.
"Shrink in the second quarter remained consistent with our expectations but well above the sustainable level where we expect to operate over time," Target CEO Brian Cornell said in the company'sTarget added it "invested heavily in strategies to prevent and stop theft and organized retail crime in our stores" prior to closing stores, including by adding more security to stores, using third-party security guard services, and implementing "theft-deterrent" tools...
David Johnston, NRF's vice president of asset protection and retail operations, said while this changes consumers' shopping experience, it's better long-term. Target is making other efforts as well to deter theft, including payroll investments for additional security members, third-party guard services, and training store leaders and employees "so they can protect themselves and de-escalate potential safety issues associated with organized retail crime incidents," the release said.
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