Close Menu
SavvyDime
    What's Hot

    What is Zero-Based Budgeting?

    July 22, 2021

    Understanding Your Investment Risk Tolerance

    July 23, 2021

    5 Incredible Money-Saving Hacks

    August 9, 2021
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram RSS
    SavvyDime
    • Technology
    • Environment
    • Health
    • Lifestyle
    • Legal
    SavvyDime
    Home » Target Plans to Implement Major Changes Due to Increase in Shoplifting Incidents ‘Enough is Enough!’

    Target Plans to Implement Major Changes Due to Increase in Shoplifting Incidents ‘Enough is Enough!’

    By Stephen ThompsonAugust 15, 2023Updated:November 8, 20232 Mins Read
    Facebook Twitter Pinterest LinkedIn Email
    Source: Seattle PD
    Share
    Facebook Twitter LinkedIn Email Copy Link

    Many large-scale businesses have identified shoplifting as their primary source of financial troubles, and Target has joined in.

    Target CEO, Brian Cornell, predicted that organized retail crime would cause a $500 million increase in lost and stolen goods. This will bring a total loss or shrink to over $1 billion.

    Retail Shrink

    Source: Eatingwell/ Pinterest

    The colossal amount Brian allocated to retail shrink is a good reason to act against shoplifting. Apart from shoplifting, retail shrink includes damaged goods, internal theft, goods lost during distribution, goods sold for the wrong prices, and many other issues.

    In 2021, Target had a total retail shrink of about $400 million, which increased by $336 million in 2022. By Brian’s prediction, in 2023, the loss would amount to a staggering amount of $2.4 billion; however, the amount assigned to shoplifting would be hard to estimate.

    Huge Losses

    Source: Target/ Pinterest

    In line with the National Retail Federation, retailers lost $94.5 billion in 2021, and 37% of that loss was due to external retail crime. Judging by that ratio, for Target, less than $900 million would be attributed to external theft.

    Brian has, however, ascertained that shoplifting is the primary cause of Target’s retail shrink. Back in 2021, executives at Walgreens made the same claim. Still, the Chief Financial Officer later admitted that the company had overspent on security measures and that shoplifting was not necessarily the cause of their retail shrink.

    True or False Narrative

    Source: Anastasiagwyn/ Pinterest

    Due to their recent financial issues, Target may be pushing the shoplifting narrative to divert attention from its administration. We can’t know for sure if the blame on shoplifting is the truth or exaggerated, but we know the retail corporation is taking precautions against theft in not just a few but in all its locations in the United States.

    Brian Cornell said the company has started putting protective equipment in some stores.

    Preventive Measures

    Source: Reviewed/ Pinterest

    The locations with the highest theft rates have the most of these preventive measures. The most constantly stolen goods are also being removed from those areas.

    Brian also mentioned that the company is trying to work with policymakers, law enforcement agencies, and industry trade associations to examine political solutions to the problem. However, unlike how Walgreens tackled its issue in 2021, Target is not closing down any stores, not even the ones where the most problems occur.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Stephen Thompson

    Stephen is a technophile who enjoys staying up-to-date with new pop culture, gaming, and health & fitness trends. He loves writing even more to express his passion for these trends as they emerge. You can find Stephen playing video games or getting lost in self-development literature when he's not developing content.

    Comments are closed.

    Trending

    Walmart Lawsuit Results in the Retailer Paying $35 Million to Former Employee it Accused of Fraud

    November 27, 2024

    Advance Auto Parts Closes Hundreds of Stores and Lays Off Staff to Avoid Bankruptcy

    November 27, 2024

    Rare Comic Books That are Extremely Valuable Today

    November 26, 2024

    Which Family Dollar Stores are Closing?

    November 26, 2024
    Savvy Dime Makes You Savvy

    Savvy Dime provides personal business and financial analysis on the topics around the world impacting your wallet and marketplace.

    We are dedicated to delivering engaging and accurate news content that keeps you informed and equips you with the information you need to make practical personal financial decisions and grow your wealth.

    savvy dime logo
    Facebook X (Twitter) Instagram
    • Home
    • About Us
    • Contact Us
    • Privacy Policy
    • Editorial Standards
    • Terms of Use
    © 2025 Savvy Dime and Decido.

    Type above and press Enter to search. Press Esc to cancel.