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Target, CVS, Rite Aid, and Walgreens close stores amid shoplifting increase. Shift focus to e-commerce.
Major retailers are revising strategies due to rising shoplifting concerns.
Target:
CVS:
Rite Aid and Walgreens:
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.
900 stores closing?
— Justin Martin (@supertrucker) September 26, 2023
That's 10 percent of their stores in the country.
Wow. https://t.co/lJPjWcU95s
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