Target projects losses from organized retail crime will increase by $500M this year
05/19/2023 // Ramon Tomey // Views

Big-box retailer Target has projected that its losses from organized retail crime will increase by $500 million in 2023.

Target CEO Brian Cornell made this projection during the company's earnings call for the first quarter of the year, which happened on May 17. Filings disclosed that Target's inventory loss amounted to a total of $763 million in the last fiscal year. With the projected $500 million increase, the big-box retailer would see losses go beyond the $1 billion mark.

According to Cornell, Target is not the only establishment grappling with a rise in retail theft. He described retail theft as "a worsening trend that emerged last year" and also disclosed that violent incidents have increased at Target's stores.

"The problem affects all of us, limiting product availability, creating a less convenient shopping experience, and putting our team and guests in harm’s way," Cornell said on the call.

The Target CEO has stressed that more theft is driving the big-box retailer's inventory losses. Thus, some stores are now installing protective fixtures and adjusting assortment in some stores to reduce theft. The company is also working with politicians, law enforcement and retail industry trade groups to come up with policy solutions.

"Target has become more vocal about organized retail theft as it has struggled with excess inventory and its margins have disappointed," CNBC reported. "Unwanted merchandise sat around in its stores and warehouses, before the company took aggressive action to cancel orders and mark items down."

Brighteon.TV

Despite this grim projection, Cornell said Target "is focused on keeping our stores open in the markets where problems are occurring." The big-box retailer has roughly 1,900 stores across the country, mainly located in suburban areas and major cities such as New York City and San Francisco.

Target store in SF now storing items behind security glass

In one clear example of what Cornell mentioned as "protective fixtures," a Target store in San Francisco has taken to locking products behind security glass.

The Daily Mail reported on this development in April, citing a video posted on TikTok that month. The video's caption read: "This is what my Target in [San Francisco] looks like now." According to the outlet, the footage was recorded at the big-box retailer's location on San Francisco's Folsom Street.

The clip featured an aisle of personal care products all stored behind security glass, which is believed to extend throughout the entire store. However, the measure seems to have been in place for some time. Based on geotagged images, some of the products at the Folsom Street location have been locked away from customers since at least October 2022. (Related: San Fran Target store locks products behind glass security cabinets.)

"Like other retailers, organized retail crime is a concern across our business," a Target spokesperson said in response to requests for comment on the matter sent by the Mail. "We're taking proactive measures to keep our teams and guests safe while deterring and preventing theft."

The spokesperson outlined these measures include hiring additional security guards; adding third-party guard services at select locations; and using new technologies and tools to protect merchandise from being stolen.

"We are working with legislators, law enforcement and retail industry partners to support public policy that would help achieve our goals of creating a safe environment in our stores and keeping our doors open in communities across the country."

Head over to Collapse.news for more stories about retail thefts affecting Target and other companies.

Watch InfoWars host Owen Shroyer discuss organized retail crime in New York City below.

This video is from the InfoWars channel on Brighteon.com.

More related stories:

Target on pace to lose $1.2 billion in profits over a two-year period due to organized retail crime.

Target lost $600 million in profits this year due to shoplifting and looting.

Big-box stores closing down due to rising RETAIL THEFT.

Retail analyst: Theft is growing at a faster rate than sales.

Sources include:

CNBC.com

DailyMail.co.uk

Brighteon.com



Take Action:
Support Natural News by linking to this article from your website.
Permalink to this article:
Copy
Embed article link:
Copy
Reprinting this article:
Non-commercial use is permitted with credit to NaturalNews.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.
App Store
Android App
eTrust Pro Certified

This site is part of the Natural News Network © 2022 All Rights Reserved. Privacy | Terms All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing International, LTD. is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Truth Publishing assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published here. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
Natural News uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Close
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.