Following a less-than-spectacular holiday shopping season, two 20th century mainstays of America’s retailing culture appear to be a step closer to historical nostalgia. As reported by the Associated Press, the parent company of Sears and K-Mart announced that it is planning to close at least 100 stores, “a move that sparked speculation about whether the 125-year-old retailer can avoid a death spiral fed by declining sales and deteriorating stores.” AP reported that Sears Holdings Corp., “a pillar of American retailing that famously began with a mail-order catalog in the 1880s, declared Tuesday that it would no longer prop up ‘marginally performing’” Sears and K-Mart locations.
In 2005, following K-Mart’s Chapter 11 bankruptcy filing, the two retail giants merged under the umbrella of Sears Holdings, and in the ensuing years the company has tried without much success to find a profitable niche for the hybrid retail partnership.
In the meantime, competitors Wal-Mart and Target have become nearly ubiquitous upon America’s urban landscape, slowly replacing aging and out-of-step Sears and K-Mart retailers with monster “super-stores” offering consumers cheaper merchandise, along with a full line of groceries, auto service, optical centers, barber and beauty services, and a combination of fast food restaurants and take-home pizza chains.
Click here to read the entire article.