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.

Retailers Target, CVS, Others Shutter Stores Due to Rise in Theft
Source: Lindsey Nicholson/Universal Images Group/Getty Images

Major retailers are revising strategies due to rising shoplifting concerns.


  • Closing nine stores in multiple states
  • Concerns over theft, safety issues despite enhanced security measures


  • 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

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