Page 11 - Andre Persaud News Today

Retail giants like Target and Rite Aid have issued concerns about organized crime rings causing profits to shrink, following the dismantling of Baltimore-based criminals in New Jersey.

Target is losing hundreds of millions of dollars due to organized criminal networks shoplifting products.

The chief financial officer of Target Corporation, Michael Fiddelke, said on Wednesday that store theft has hurt the retail giant's gross profit margin.

Locked cases. Shuttered branches. A standby of city life in the 21st century is firmly in decline.

The closure of two Wawa locations in the center of Philadelphia this week are the latest in a string of retail closures nationwide due to a rise in "shrink", or retail theft.

The closure of two Wawa locations in the center of Philadelphia this week are the latest in a string of retail closures nationwide due to a rise in "shrink", or retail theft.

Wawa, which has a total of 40 stores in Philadelphia, did not disclose a timeline for the closures. Impacted employees will be offered continued employment with the Pennsylvania convenience store chain.

On Tuesday, traders will be watching as some big names – including Pepsi, Citigroup, Wells Fargo and Delta Airlines – are set to announce 3Q earnings later in the week.

Hotels, including Marriott and the Hampton Inn, appear to be getting caught in the United States' rising crime wave this year, with shootings recently happening at two locations.

Rite Aid is contemplating putting all store goods in showcases in New York City in an effort to curb retail theft, according to a report from Fox 5 New York.