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Report
Target to close stores in four major cities due to theft
The Street
Follow
9/27/2023
TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the markets fared after a lackluster Tuesday, and why Target is closing several of its stores.
Category
🥇
Sports
Transcript
Display full video transcript
00:00
I'm JD Durkin reporting from the floor of the New York Stock Exchange.
00:03
Stocks were mixed to close out today's trading session.
00:05
The Dow Jones closing down 68 points, the Nasdaq closed two-tenths of a percent higher
00:10
while the S&P 500 closed up fractionally on the session.
00:14
Inflation still a major concern for markets with investors concerned that interest rates
00:17
will stay higher for longer.
00:20
Stocks are on pace to close out the month in the red, which is not necessarily a big
00:24
surprise as of course September is historically one of the worst months for the markets.
00:29
Wall Street's also looking ahead to a batch of fresh economic reports due out tomorrow
00:33
and Friday.
00:34
On Thursday we'll get a read on second quarter GDP and the following day we will get PCE
00:39
data, which the Federal Reserve typically looks at for a close read on inflation.
00:44
Meanwhile, Target announced it will be closing nine stores across four different U.S. states.
00:49
The retail giant says the closures are due to theft as well as organized crime.
00:53
Besides making for an unsafe environment for customers as well as staff, the company says
00:58
these crimes make the stores unsustainable for business.
01:01
On October 21st, Target will close one location in New York City, two stores in Seattle, three
01:06
stores in Portland and three other locations in Oakland and San Francisco.
01:11
The company released a statement saying, "We know that our stores serve an important role
01:15
in their communities, but we can only be successful if the working and shopping environment is
01:20
safe for all."
01:22
The National Retail Federation says that "shrink," which is the value of merchandise that disappears
01:27
from stores without being paid for, cost retailers $112 billion last year, up from $93 billion
01:34
the previous year.
01:35
Target has previously said it expects to lose $500 million from theft this year alone.
01:40
That will do it for your daily briefing.
01:42
From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:45
Thanks.
01:46
[BLANK_AUDIO]
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