Didn’t we finally realize that the whole “shoplifting epidemic” was all bullshit to cover up inept corprate management?
Yes. https://www.nytimes.com/2023/11/29/briefing/shoplifting-data.html
They overbuilt because if a competitor opened a store, they’d open on right next to it…
That strategy was never going to be profitable, they were trying to run competitors out of business.
Most of those stores were going. To close for one reason or another, the growth wasn’t sustainable but it made stock prices go up and then they had to invent a reason to close store that would keep stock prices high.
Case in point, my Nephew once worked for Target in what used to be their flagship store in the area. Several years ago they opened a new flagship store literally 2.9 miles up the road. As the crow flies I think it’s closer to 1.5. This wasn’t a move. They left both stores open. They’re still both open to this day.
Management immediately started bitching at all the low level employees that they weren’t “hitting numbers” anymore as if the cashiers or stockers had anything to do with this. Uh, dickhead, you cannibalized your own business because now 100% of the people who live in the direction of the new store aren’t going to drive right past it to come here; they’re going to go to the new store instead. You didn’t make the pie any bigger, all you did was take the same pie and slice it in half.
I don’t know how many millions of dollars it cost them to build, stock, and staff that new store for no goddamn reason whatsoever.
