https://www.cnbc.com/2023/12/19/target-store-closures-theft-and-crime-higher-nearby.html
Target blamed theft and violence when it closed 9 stores in New York, Seattle, San Francisco and Portland, but crime is worse at locations it kept open nearby.
This whole thing doesn't feel right.
Retailers are seeing declining sales due to economic conditions. They are seeing increases in Shrink, but not providing (or capable of providing) specific numbers related to theft.
The whole industry is rallying that their drops in earnings is due to theft, they lobby for new legislation "punishing organized retail theft", and then claim that location closures is due to theft... Only to keep places with higher crime rates open.
This whole thing reads as though they're losing money and are making up bullshit to keep their stock valuation high. Which is what most CEO compensation is based off of.
I don't necessarily disbelieve theft is increasing. I just think if it was the main cause of loss, then they would implement new controls at their level instead of trying to lobby for stricter punishment, in my simple mind having more cashiers be people and more employees would drastically reduce theft, and they must have done the math that it's cheaper to just lose stuff instead.
Kind of hard to feel bad for them
They're picking the perfect scapegoat. You'll never find a thief openly advocating for themselves lol. So they just blame all their failures on that group
I thought we knew this already, they closed mostly the small neighborhood stores because people just weren’t shopping there enough.
I didn't believe it the first time, and it turned out to be bullshit. I'm not going to believe it 8 more times.