Target’s sales and customer traffic bounced back this week after it closed crime-afflicted stores – suggesting more retailers may begin shuttering locations over shoplifting, sources told The Post.
The “cheap chic” discounter posted earnings and revenue that beat Wall Street’s forecasts on Wednesday as markdowns lured inflation-weary shoppers. But Target COO Michael Fiddelke also cited a decrease in “inventory shrink” – or losses from shoplifting – for the company’s rebound.
Target said it was making “progress” addressing its shrinkage. The retailer closed nine crime-prone stores last year, in cities like NYC and Seattle.
If such retail retreats become a wider trend — and experts warn that they will if cities fail to crack down on crime — shoppers could get trapped in “retail deserts” with nowhere to turn for affordable clothing, food and prescription medicines, according to experts.
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