TARGET SHOPPERS IN 'HARM'S WAY' Organized retail crime is impacting Target and other retailers, and shoppers can be in 'harm's way,' CEO Brian Cornell said.
impacted retailers across the U.S., with organized theft rings targeting major chains.
While he didn't single out any particular store or region that was impacted more heavily, Cornell noted that higher theft rates is"putting significant pressure on our financial results." He forecast that theft would reduce Target's profitability by more than $500 million this year when compared with the prior year.Still, some analysts expressed skepticism over whether retail theft, also known as"shrink" by the industry, is as big of an issue as Cornell portrayed it.
Saunders added that consumers are cutting back on spending outside of groceries, and trading down to cheaper options because they are"less willing and able to spend."
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