Retailers

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

Target, CVS, Rite Aid, and Walgreens close stores amid shoplifting increase. Shift focus to e-commerce.

Adriana Pulley Sep 27, 2023

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

900 stores closing?
That's 10 percent of their stores in the country.
Wow. https://t.co/lJPjWcU95s
— Justin Martin (@supertrucker) September 26, 2023

Published in: Retailers

Author

I’m Adriana, a writer and editor at FreightCaviar. I’ve covered everything from freight tech to industry lawsuits and market shifts, helping scale us to almost 14K subscribers. My goal: to make logistics stories digestible, clear, and fun to read.

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