Retailers Target, CVS, Others Shutter Stores Due to Rise in Theft

Major retailers are revising strategies due to rising shoplifting concerns.

Target:

• Closing nine stores in multiple states

• Concerns over theft, safety issues despite enhanced security measures

CVS:

• Shutting 900 stores by 2024

• Shift towards an online focus amidst climbing theft rates

Rite Aid and Walgreens:

• Similar store closures, potentially signaling an industry trend

• Rite Aid facing potential bankruptcy; 25 stores closed this year, with two more announced

• Walgreens closing at least 150 stores

Impact: Retailers emphasize online platforms, reducing physical presence to mitigate losses, prioritize safety.

As of April 2023, retail theft cost stores around $86.6 billion in 2022. Predictions by CapitalOne Research suggest that by 2025, this number could exceed $115 billion.

Sources: DailyMail | Target