Target to close 9 stores in major U.S. cities amid growing retail crime-Xinhua

Target to close 9 stores in major U.S. cities amid growing retail crime

Source: Xinhua

Editor: huaxia

2023-09-27 05:38:45

WASHINGTON, Sept. 26 (Xinhua) -- U.S. retail giant Target said Tuesday that it will close nine stores in major cities across the country, after grappling with violence, theft and organized retail crime.

The company will close one store in New York City, two stores in Seattle, three stores in the San Francisco-Oakland area and three more in Portland, Oregon. These locations will be permanently closed on Oct. 21, according to CNBC.

"We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance," Target said in a press release.

Headquartered in Minneapolis, Minnesota, the general merchandise retailer has stores in all 50 U.S. states and the District of Columbia, boasting nearly 2,000 stores in the nation. It had a total revenue of 109 billion U.S. dollars in 2022.

In May, Target said organized retail crime is worsening and will cost the company 500 million dollars more in lost and stolen merchandise this year than last year.

Other retailers, including Walmart, Best Buy and Home Depot have also spoken out about the growing problem.