Rising Retail Theft Forces Target Store Closures and Sparks Community Outrage

Target is closing multiple stores due to a rise in theft and violence, highlighting the growing problem of retail crime for major businesses. The National Retail Federation reported a significant increase in the shrink rate, resulting in $112.1 billion in lost sales in 2022. External theft, including organized retail crime, was identified as the leading cause of shrink. The impact of retail crime goes beyond financial losses, affecting communities by reducing tax bases, forcing employees to seek other opportunities, and requiring residents to travel further for goods. Other major retailers, such as Walmart, have also expressed concerns and called for action from local governments. Experts emphasize the need for legislative measures to hold criminals accountable and address the root causes of organized retail crime.