$1.3 billion in missing inventory at Target

Largely as a result of theft and organized retail crime, Target is expecting a $1.3 billion hit to profits because of missing inventory. Last year, there was inventory shrink of $800 million. This year is shaping up to be $500 million worse.
Violent incidents are also increasing at Target stores, as well as across the entire retail industry.
Target is taking mitigation efforts like staffing security, adjusting what products it sells, and using anti-theft displays. However, all of this increases the cost to Target which could result in the retailer raising prices.
There are some people that will argue that retailers do not clearly know that the retail shrink is a result of theft. However, I do not know what other reason there could be when products are put on a shelf, and then disappear.
The National Retail Federation estimates almost $95 billion of losses from inventory shrinkage across the retail industry in 2021. There are over 130 crime groups involved between 2014 and 2022. 16% of these groups used violence like smash and grabs, firearms, weapons, flash mobs, or threats.
Target stores provide jobs, allow shoppers to purchase grocery items, and pick up medications at the pharmacy.
Works Cited:
https://www.businessinsider.com/target-says-shoplifting-retail-crime-cause-million-dollar-profit-hit-2023-5
https://nypost.com/2023/05/17/target-may-lose-500m-from-theft-and-organized-crime/
Tags:
retail theft, target, theft, thefts at target stores, retail theft rings, portland retail theft, retail theft rings news, stock market, organized retail crime, market, target store, target ceo, giant supermarket theft, target shoplifter, target stock, retail store, retail shoplifting, retail exodus, target shoplifting video, retail apocalypse, nyc organized retail crime, organized retail crime news, target earnings call, portland oregon theft, theft problem