Elections Target to close 9 stores in NYC due to theft

[fungi]

No she was filming to stop anyone from kicking his ass. The very next day a Somali Man tried to rob an Apple store near by and fell off the 2nd story in a mall breaking his Pelis and tailbone. All for an Iphone. 2 days after that they looted an Apple store of floor merch as the employee is screaming, "Nothing will work and everything will be tracked". No one gives a shit.

Different culture, hard to judge...

 

[syct23]

That’s BLATANT RACISM!!! These stores sell important products to predominantly black communities!! Now where will they shop?!?!?

Why is it that white neighborhoods don’t get treated this way?!?!? RACISM! RACISM! RACISM!!!


Did I do that right?

Idk ,
Different states with different demographics.

In my state it’s not the black communities because we have like 10 black people in the entire state. In my state it is the Native and Mexican communities that suffer.

Really only have one white community and it’s not even theirs because it’s mixed. In our “white community” say out of about 100 people only 25 are white and the rest are a mix of Natives, Mexican and Spanish peoples.

your community sound a lot different then mine. But, the same shit is happening out here too.

Ass holes come in all colors, that doesn’t make it racist.

 

[HomeCheese]

Looked at their latest Q, and they say this:



They mention a 90 bps increase YOY (not sure if that's clear to a layman--and no offense if you already know--but in finance, we often use basis points instead of percentage points to describe changes in percentages--so going from a loss, and this is hypothetical, of 0.9% to 1.8% would be a 100% increase but a 90 bps increase, with the latter method generally doing a better job illustrating the scale).

With so few people working downtown I can understand the decrease in sales in a lot of places and theft is probably up a bit. Dang, I just looked and Target is at 110 down from 254 last year.

Harder to rip off Amazon I'm afraid.

 

[Jack V Savage]

With so few people working downtown I can understand the decrease in sales in a lot of places and theft is probably up a bit. Dang, I just looked and Target is at 110 down from 254 last year.

Harder to rip off Amazon I'm afraid.

I definitely wouldn't attribute TGT's share-price decline to a 90-bps increase in shrink.

Probably a variety of factors in the higher rate, but it could be largely a matter of the public becoming more aware of how hard it is to actually catch shoplifters (and how store employees aren't going to do much).

 

[HomeCheese]

I definitely wouldn't attribute TGT's share-price decline to a 90-bps increase in shrink.

Probably a variety of factors in the higher rate, but it could be largely a matter of the public becoming more aware of how hard it is to actually catch shoplifters (and how store employees aren't going to do much).

I just looked and their earnings are strongAF. Shit, might be a good buy.

 

[Jack V Savage]

I just looked and their earnings are strongAF. Shit, might be a good buy.

Maybe, but there are other factors to consider. They have a lot of debt, and rising interest rates are making that more of an issue. If you think rates will continue to rise (that is, if you're somewhat pessimistic about inflation), that's an issue. High and potentially rising rates also mean that their dividend is less attractive. There's a lot more to consider than that, of course, and anything you can see in a quick search, you can bet millions of others have seen (and thus current share price already takes it into account). I know you're kind of kidding, though...

 

[Madmick]

LMFAO. "Something doesn't add up"? Are you kidding me?

Is it some fantastic coincidence over the past two years that Wal-Mart, Best Buy, Macy's, Walgreens, CVS, Rite Aid, Nordstrom, Bed Bath & Beyond, Kroger, J.C. Penny's, Dollar Tree, Dollar General, Trader Joe's, Whole Foods, Banana Republic, AT&T, and dozens of others have shuttered multiple locations across the country, usually in urban locations, citing shoplifting as one of the most significant causes-- often the principal cause?

How willfully committed to blindness does someone like you have to be? How hard does the truth need to slap you across the face before you look at it standing in front of you instead of pulling out a sailbot-sized telescope to study the dust patterns in the shadows on the floor behind it for some Capitalist conspiracy?

Necro TTT because I forgot to come make a post when I caught a story in the print edition of the WSJ last week. I was reminded when I saw the In N' Out thread on the front page.

Owner of Family Dollar to Close 1,000 Stores​

Dollar Tree, which operates roughly 16,700 locations including the Family Dollar chain, said it would close nearly 1,000 Family Dollar stores over the next few years as it battles merger indigestion, inflation and store theft.

“Family Dollar is a victim of the macro environment out there,” Chief Executive Rick Dreiling said Wednesday, citing still-accelerating levels of inventory loss and theft. “But again, I come back to a well-run Family Dollar is a very, very powerful retail format”.

Executives at McDonald’s on Wednesday also said cash-strapped consumers are pulling back in 2024. Lower-income consumers increasingly have spent their savings and are turning to grocery stores instead of restaurants, McDonald’s finance chief, Ian Borden, said at an investor conference. “Some of those consumers are just choosing to eat at home more often,” he said.

The company has struggled with indigestion of Family Dollar since it won a hard-fought battle to acquire its rival in 2015. It has been under pressure from several activist investors to improve the operations. For several years, executives tried to renovate some of the Family Dollar locations to boost performance and in 2019 they moved to close 600 Family Dollar locations.

Now notice these key passages I'll organize, separately:

While the discount brands sound similar, Family Dollar locations are more concentrated in urban areas and sell groceries, cleaning products and other items at various price points. Dollar Tree stores are mostly in suburban locations and cater to middle-income households browsing for knickknacks. Dollar Tree historically sold most items at $1 though in recent years it has added $3 and $5 items.

Dreiling, who was former CEO of rival Dollar General, was hired last year to lead the latest turnaround effort. On Wednesday, he said the will close about 600 Family Dollar stores in the first half of the current year, and an additional roughly 370 Family Dollar stores and 30 Dollar Tree stores in the coming years...

So...two branded stores under the same corporate umbrella. Dollar Trees typically in more suburban areas. They're closing 30 of these. Family Dollars in the urban areas. They're closing 970 of these.

I'm sure inflation and lower margins are a challenge. Okay, fine. But I'm expected to believe that suddenly the less affluent don't need groceries and cleaning supplies? In an article where the McDonald's executive just pointed out his company is taking a hit as people are eating out less because they're probably buying more groceries to eat at home? Knick-knacks are the more elective consumer good that historically economists would tell us are more vulnerable to downturns in the economy.

I'm inclined to believe that theft is a much, much bigger driver behind the choice of which stores to close than it's already being admitted to be, here.

 

[Ichibanner]

They should have had the store sell nothing but Black History month "Black Pride" clothing to discourage theft. It always ends up on the clearance racks; nobody buys or steals that shit.

 

[I Am Legion]

I am noticing the stores in the minority areas are getting rid of self-checkouts by me. Target and Walmart to name a few. They are just getting robbed blind.

 

[Fox by the Sea]

I am noticing the stores in the minority areas are getting rid of self-checkouts by me. Target and Walmart to name a few. They are just getting robbed blind.

America will have tens of mini south africas inside it in a few decades.

 

[Fluffernutter]

I am noticing the stores in the minority areas are getting rid of self-checkouts by me. Target and Walmart to name a few. They are just getting robbed blind.

One of my students who work at a rather large grocery store chain brought up that some stores are pondering a subscription based access to self checkout lines.

 

[GoldenWolf87]

One of my students who work at a rather large grocery store chain brought up that some stores are pondering a subscription based access to self checkout lines.

This subscription based idea is a horrible idea.

Just get rid of these idiotic self checkout lines and replace them with actual human workers.
I was never 100% behind a automated society.

 

[nhbbear]

But but but now without a target it wil be a food desert….or some shit like that. When the citizens refuse to allow them to do this and fight back, shit will get better