Target shutters stores, consumers affected as major companies grapple with massive theft losses

Retail safety expert Matt Kelley discusses the stunning closures of nine Target stores this week due to rising theft and violence, and how they affect all consumers.

The National Retail Federation says retail theft, violence and crime continue to be growing problems for major businesses. In its annual, the NRF said the average shrink rate in 2022"increased to 1.6%, up from 1.4%" in 2021, which came out to a staggering $112.1 billion in lost sales in 2022. "Now, you talk about companies like Home Depot, Kroger that are in the billions of dollars, hundreds of billions of dollars in retail," Kelley told FOX News Digital."That adds up very quickly."for announcing it was closing nine stores across four states by the end of next month, citing theft and organized retail crime threatening the safety of their workers and customers and making their business"unsustainable" in those locations.

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