Target CEO hopes the company will eventually remove locked cases as it combats retail theft

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Target Notícia

Brian Cornell,Store Theft,Retail Theft

New legislation, locked cases, and limits at self-checkout are just some of the ways Target is combatting retail theft.

"I feel so much better today than I did a year ago," Target CEO Brian Cornell said in an interview with Yahoo Finance for itswhich took effect in June of 2023, helps deter theft by making it more difficult to resell stolen goods online. Under the legislation, companies with "high-volume third-party marketplaces" like) must "collect, verify, and disclose certain information about those sellers." Any violations will result in a penalty of $50,120 per infraction.

In its second quarter report, Target's gross margin rate reflected roughly 90 basis points "of benefit from lower inventory shrink." That's compared to a 20-basis-point lift in Q1. Its guidance assumes that benefit will increase year over year. "To be clear, we do not like locking up product, but we like running stores and we want to keep our stores open. We want to make sure they're safe," said Cornell.

Cornell said he "certainly " that Target will remove the cases one day, reiterating the company is waiting for the results of federal, state, and local government's involvement.Instituting the right self-checkout process will also help the matter; Cornell said it has been a matter of trial and error.

The world’s richest man Elon Musk has pilloried tech industry rival and OpenAI CEO Sam Altman amid reports that the latter’s artificial intelligence non-profit is weighing a moneymaking turn.Reuters reported Wednesday that the ChatGPT maker is working on plans to shift to a for-profit benefit corporation and remove control from its non-profit board.

 

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