Target Says Organized Retail Theft Contributed To $400 Million Loss

The exterior of a Target store in Los Angeles, California before the start of business on August 17, 2022. - US retail sales held steady in July as gas prices fell sharply, but the new data released Wednesday by the Commerce Department showed consumers are still spending, keeping the pressure on the Federal Reserve to continue its aggressive interest rate hikes. (Photo by Robyn Beck / AFP) (Photo by ROBYN BECK/AFP via Getty Images)

At a glance

Target CEO Brian Cornell remarked in an earnings call that organized criminal behavior has negatively impacted earnings and required new levels of security spending. “Along with other retailers, we’ve seen a significant increase in theft and organized retail crime across our business,” he said.

“As a result, we’re making significant investments in training and technology that can deter theft and keep our guests and store team members safe.”

As many as 81.2 percent of retailers said that the “violence and aggression” associated with organized retail crime increased in the past year, according to a survey from the National Retail Federation.

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