Gerald Storch, the former CEO of Toys ‘R’ Us and current CEO of Storch Advisors, shares his insights on the prevalent issue of retail crime and the much-anticipated re-opening of the beloved children’s store across the United States.
According to documents filed in New York, Seattle, and Oregon, over 500 Target employees will be affected by the store closures resulting from crime-related incidents.
As per the Worker Adjustment and Retraining Notification (WARN), the two store locations in Seattle are expected to shut down by October 21, leaving approximately 90 employees without jobs.
According to separate WARN notices, the store in New York City, which is scheduled to close on Oct. 21, has an additional 293 employees, while the soon-to-be shut down stores in Oregon have 158 employees.
According to a statement from Target, the company has expressed its intention to collaborate closely with all qualified team members to provide them with a transfer.
Target, one of the largest retail chains in the United States, has announced that it will be closing nine of its stores. The reason for the closures has been attributed to retail crime, which has been on the rise in recent years. Target has been a frequent target of retail crime, with thieves stealing millions of dollars worth of merchandise each year. The company has been working to combat the issue, but the scale of the problem has forced them to make the difficult decision to close the affected stores.
According to official documents, even though the stores are set to close by the end of this month, the employees who don’t opt to transfer to a different location will be able to receive their regular pay until December 30th. Therefore, the separation process for such workers won’t come into effect until the end of December.
In Chicago, Illinois, a Target store displays a collection of shopping carts, ready for customers to use. The image, captured on August 16, 2023, shows the store’s organized and inviting atmosphere.
According to a WARN notice submitted in Oregon, the company anticipates that there will be minimal amounts of involuntary terminations.
Last week, Target made an announcement that it would be shutting down nine of its locations because of the continuing issue of organized retail crime. This problem has inflicted the industry with losses amounting to a staggering $112 billion in 2022.
In this article, we will delve into the insights shared by executives from Walmart and Target regarding retail crime. We will explore their thoughts on the issue and how they are working to prevent it. It’s important to understand the gravity of retail crime, as it not only affects the bottom line of businesses but also poses a threat to the safety of customers and employees. With that said, let’s dive in.
As a result, Target has decided to keep its doors open despite the challenges posed by the pandemic. CEO Brian Cornell had previously stated that the company would do everything in its power to ensure that its stores remained operational, recognizing the impact that closures can have on communities that depend on them. Target’s decision to keep operating provides a glimmer of hope for those who rely on the store for their daily needs.
Target has been putting in more effort to prevent crime by improving security and using theft-deterrent tools. However, the company still faces significant “fundamental challenges” when it comes to ensuring the safety of its stores.
According to both industry executives and the National Retail Federation (NRF), which is the biggest retail trade group in the United States, it is widely acknowledged that retailers should not be solely responsible for tackling this issue. They have emphasized the need for policy reform to bring about significant changes.
According to the NRF, certain measures like increasing the threshold for felony theft and doing away with cash bail could have unintended repercussions for the problem of retail theft.
