Target to close stores in four major cities due to theft

The Street

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.

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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