Retail Theft Surges to $112B as Target Closes Stores, Citing Safety Concerns

Target announced it will close nine stores in major cities due to increased theft and violence against employees and customers.
Retailers reported a 19% increase in inventory shrinkage losses in 2022, totaling $112 billion according to a National Retail Federation survey.
Organized retail crime rings utilizing online marketplaces are seen as a major driver of the surge in theft and violence.
Retailers have increased security measures but say prosecutions and penalties for theft must be strengthened to combat the problem.
The store closures highlight the challenge for retailers in addressing theft while maintaining access in underserved communities.