Target’s chief executive officer warned Democrats that rising crime and retail theft is hitting the company’s profits and may lead to more store closures across the country.
Target Chairman and CEO Brian Cornell said the problem is getting worse while Dem lead cities turn a blind eye to crime. In Chicago, one man was arrested three times for shoplifting in three weeks.
Cornell said: “The unfortunate fact is violent incidents are increasing at our stores and across the entire retail industry. And when products are stolen, simply put they are no longer available for guests who depend on them.
“Left unchecked, organized retail crime degrades the communities we call home.
“As we work to address this problem, the safety of our guests and our team members will always be our primary concern.
“Beyond safety concerns, worsening shrink rates are putting significant pressure on our financial results.
“So it is widespread, and I can tell you, as I talk to my retail peers, is that it’s a common theme across all of retail.
“It’ll vary by market, individual store, but the trends have been very persistent.
“And year on year we continue to see increases”
The National Retail Federation CEO Matthew Shay said:
“Organized retail crime has been a major concern for the retail industry for decades, endangering store employees and customers, disrupting store operations and inflicting billions in financial loss for retailers and the communities they serve.
“These concerns have grown in recent years, as criminal groups have become more brazen and violent in their tactics and are using new channels to resell stolen goods.”
Target said it’s seeing an increasing number of violent incidents at stores, but doesn’t want to close stores because that hurts workers and the community. https://t.co/Lzq5uL7sbc
— KTVU (@KTVU) May 18, 2023
Target is witnessing a rise in “violent” incidents at its stores that is costing the retailer hundreds of millions each year, CEO Brian Cornell said on Wednesday. https://t.co/ObQkWn15ND
— CBS News (@CBSNews) May 18, 2023
Target CEO Brian Cornell said the company has taken measures to prevent theft and keep stores open.
Read the full story from @melissa_repko here: https://t.co/mlcyQDKGon
— CNBC (@CNBC) May 17, 2023
