Unsurprisingly …
I’m sure there’s an equation that could be created that could calculate exactly how many more times this thread will be bumped in total before it’s never bumped again, when there’s no longer any Sears & Kmarts left to ever make the news.
Weeks after announcing 26 Sears and Kmart locations would close in October, nearly 100 additional stores are facing a similar fate in December or sooner.
While company officials did not release an official list of the locations closing, news outlets across the nation reported this week that their local stores were closing. A list was posted on the website www.thelayoff(dot)com with more than 80 Kmart stores.
My source tells me that Sears is (still?) closing stores based on the underlying real estate value rather than the profitability of the store itself. After closing this round of XXX stores their bottom line will still be in the red. So dumb.
Doesnt the CEO own the land that the stores are on?
Not sure. My friend knows more about the financials and not the byzantine ownership structure behind the company assets.
I think that’s the case, yes. The whole thing has basically been one big grifting session by the CEO.
There really isn’t a thread for positive retail news so I’ll just use this one to note that the company I work for is opening a store in Providence, RI tomorrow. If you’re in the area of Providence Place, stop in. It’s usually a good time and you might get to rub elbows with Jim Boscov himself. He’s usually right out front to greet people finding us for the first time.
We definitely appeal more to an older customer who wants reasonable service, which actually lines up with a lot of Qt3 these days I think. We’ve opened one store every year since we emerged from bankruptcy and are up to 49 locations. I think next year will be toward the west…
Might help if you said what company it is.
I bought my most recent mattress/box spring at Boscov’s and a man cave recliner, both have been great buying experiences. Staff is very friendly and the store setup is nice as there is room to actually shop. Unlike say Kohls where the isles are so narrow and everything is overflowing to the point where you can’t find anything.
The overall experience both times, reminded me of what Sears was like back when I was a kid and we did 90% of our shopping there. (25+ years ago)
I thought the name would give it away. It’s Boscov’s Department Stores. We’re the largest family owned department store chain in the US. It’s regional to the northeast. We’re about as close to a “full service” department store as there is anymore. Depending on the location we have a hair salon, candy counter, and often a restaurant. We don’t deal in electronics or large appliances anymore, though.
@lordkosc Thanks for the compliments! That’s what the company is known for and I’m glad you got that kind of service!
It’s always touch and go making posts about an employer so I’ll be clear I’m not speaking for the company here, but proud that we’re bucking current trends.
The Boscov’s by me still has one of them perfume counter areas near the main entrance that makes a normal human being gasp for unscented air. Just like when I was a kid going to Sears/Macys/JC Penny. :D
I learned that they actually put them near entrances back in the day to help cover up the smell of crap from horses outside stores in the olden days. I saw it mentioned on the Mr Selfridge tv series.
Haha! Yes! They also do makeovers and stuff when the reps are in for the makeup counter. :) All our stores definitely have perfume/cologne sales areas.
Macy’s is closest to us, but they are a step up on price and specific brands they carry. Before they closed, Bon-Ton was as well.
So Dave as someone in the industry, what should have Sears done differently to not die this slow death of a thousand cuts?
Unofficially off the record that is. I mean I hear people say they missed the internet race to be a major online presence. But when I think of Boscov’s I don’t think of really going on line for stuff, I check out the mail flyer and then you know… go into the store.
I’ve never heard of this store. I’ve been to NJ many times, but I don’t know I would’ve noticed. Maybe next time I will see if there is one nearby.
We have stores in NJ. We are typically located at a large shopping mall. We’ve actually been filling some of the locations that JCPenney, Bon-Ton, Sears and others have left.
We do a rather robust online business in addition to the stores, which I think is partially due to Internet search but also because we have a lot of customers who love our stores and move away but still want that connection back here. Florida has a lot of people who are former residents of the northeast as I’m sure you know for example.
As for Sears, if you really dig into the articles, the guy who bought it sent it down this path, likely on purpose, to enrich himself specifically. When he bought the company, he essentially set everyone inside it against each other. He was much more interested in the real estate the company owned than the retail business itself. The K-Mart merger was a mistake too of course, but again, I think that was all driven by real estate. These stores occupy huge swaths of land that can be redeveloped, and he now owns it.
I’m not sure how much you read about Toys R Us, but they were also set upon by predators who wanted to offload their debt into that company’s books, which ultimately smashed the chain. I think the reality is that there is still a really solid foundation for retail, especially if you are community focused (and we are… tomorrow’s opening is actually a ticketed event and the proceeds from the tickets go to local non-profits). I think we serve a customer who wants to come in and see and touch what they’re buying, and there are still many of those people out there. Certainly enough to run a business.
You have to have a passion for retail to succeed within it, which the founding family here definitely does. It was tough losing Albert, but Jim has stepped right in and become that guy.
Boscov is a fun store. When I worked at Sears in 2007, we used to price price match each other all the time when it came to TVs. It was one way to get sales that we probably would not have gotten, since we didn’t have sales on TVs that often.
Good brand, but sadly, I don’t have any near me.
IIRC, you’re in PA? Roughly where are you located?
Ooh I just noticed the Kmart by me (Walnutport) is on the unannounced list for closures this year. I worked there in 1996-1997 as a stock boy. It was horrible! :D
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Yeah, I couldn’t believe the Shillington one is closing. That’s been kind of iconic in Reading since it was built. It will be the official end of Kmart in Reading. We had three at one time.