Target CEO Defends Locking Merchandise Despite Customer Complaints

Retail giant faces $500 million profit hit from shrink, even as stock jumps 18% after positive earnings report.

Target CEO Brian Cornell claims customers are thanking him for locking merchandise behind glass as a precaution against retail theft, despite online complaints suggesting otherwise.
Target has closed nine stores across four major cities in the United States due to theft and retail crime.
Some stores are reconsidering their use of self-checkout lanes, as they believe some of their shrinkage has increased due to the rollout of self-checkout.
Target estimated a $500 million profit hit this year from shrink, following a $400 million loss in profits last year due to missing inventory.
Despite the closures and locked merchandise, Target's stock jumped nearly 18% following an earnings report that beat Wall Street's expectations.