Target is closing nine stores due to theft and organized crime.
Target’s announcement comes on the same day that the National Retail Federation released new figures on the state of retail theft.
The NRF, the retail industry’s largest trade group, said Tuesday that average shrink – a term that refers to merchandise that goes missing due to external and internal theft, fraud, damage and other reasons – cost retailers $112.1 billion in losses in 2022, up from $93.9 billion in 2021
Also, groups of teenagers swarmed into stores in several areas of Philadelphia in an apparently coordinated effort, stuffing plastic bags with merchandise and fleeing, authorities said.
Police arrested 15 to 20 people.
The flash mob-style ransacking occurred Tuesday night at stores including Foot Locker, Lululemon and Apple.
A new trend?
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