Target shuts down stores in response to rising retail crime; Chicago avoids the cut

CHICAGO - Target has announced some big changes for stores across the country. 

The company announced it would close nine stores in some major cities, citing violence, theft and organized retail crime. 

Chicago isn’t one of the cities on the list.

"I think for the economy, it shows you that retail theft is taking a big chunk out of the economy, and it impacts us in so many ways," said Price Futures Group senior market analyst Phil Flynn.

Target will close one store in New York City’s Harlem neighborhood, two locations in Seattle, three stores in the San Francisco-Oakland area, and three more in Portland, Oregon.

The retailer sent out a news release saying in part:

"We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance."

It goes on to say, "Despite our efforts, unfortunately, we continue to face fundamental challenges to operating these stores safely and successfully."

Chicago Targets have been hit by retail crime before, but Flynn says the city might be safe. 

"Actually, Chicago has gotten better. It’s still horrible, but it's gotten a little better than what it was during the COVID year as far as retail theft is concerned," said Flynn.

He says if the crime stopped altogether, it would create a net positive for Americans. 

"The cost of theft costs billions every year. And everybody pays for it. When somebody else steals, you pay for it at higher prices for more security or less choice. It takes away from your inconvenience," said Flynn.

Flynn told us that 100 stores closed in Oakland today to protest the increase in crime. He says that's a sign that more employees are taking this seriously, too.