Issues related to underperformance have been cited for the failing stores.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: BusinessInsider.com and The-Sun.com.
According to a report from BusinessInsider.com, entitled “Target is Closing 4 locations in Minneapolis, Philadelphia, and the DC area – Here's the Full List,” the referenced stores are closing across-the-board due to performance-related issues.
As excerpted from the report: Target will close four locations in three metro areas: two near DC, one in Philadelphia, and one in its hometown of Minneapolis. The company cited declining foot traffic as its primary reason for the closures and said most store employees would be offered positions at other locations.
All four entities listed in the report are smaller-format locations, and they are the following:
- Maryland: 7501 Baltimore Ave, College Park
- Minnesota: 1300 W Lake St., Minneapolis
- Pennsylvania: 1128 Chestnut St., Philadelphia
- Virginia: 500 S Washington St, Falls Church
Each entity is now set to close Saturday, May 13.
Are there further closing plans moving forward?
Let us explore.
According to a report from The-Sun.com, entitled “FINAL WEEKS: Full List of Target Stores Closing by May – See Which Locations Are Shuttering Soon,” the above closures, for now, represent the entirety of those scheduled for the coming weeks.
As excerpted from the report: Inflation has lowered customer demand significantly, and many Americans are turning to online shopping for greater convenience… It is essentially the perfect storm for retailers to struggle financially, and hundreds have already shuttered across the country.
The upcoming spate of Target store closures is a developing story. In the event of pertinent updates to this matter, inclusive of further closings and/or official announcements of milestone dates, I will share them here on NewsBreak.
Thank you for reading.