Is This Sears’ Final Black Friday Event?
Sears, once a titan of American retail, may be approaching its final holiday season. Established in 1886 by Richard Sears and Alvah Roebuck, the company expanded rapidly to become the largest retailer in the U.S. At its peak, Sears operated 2,000 stores, but today it has dwindled to just five locations.
Decline of a Retail Giant
After emerging from bankruptcy in 2019, Sears boasted over 200 stores. However, three more closures in recent months have reduced that number significantly. The remaining stores include:
- Coral Gables, Florida (potential redevelopment for housing)
- Braintree, Massachusetts
- Concord, California
- El Paso, Texas
- Orlando, Florida
All remaining mall locations are managed by Simon Property Group, the largest mall operator in the country. Experts emphasize the dire state of Sears, with Mark Cohen, a former executive, stating, “They’re phantoms in the night.” He believes that the remaining stores lack a viable inventory and cannot return to profitability.
Challenges and Future Prospects
Neil Saunders, a retail analyst, echoes concerns about Sears’s financial situation, suggesting that its owner, Eddie Lampert, may simply be keeping the stores open for tax benefit reasons. Both Saunders and Cohen express skepticism about a turnaround for Sears. Cohen critiques Lampert’s management, arguing that the chain’s focus on unappealing merchandise has led to its decline.
After buying the company in 2005 and merging it with Kmart, Lampert oversaw a significant decline, culminating in Sears’s 2018 bankruptcy filing. The company briefly regained some stability but is now functionally on life support, continuing to lose relevance in a transforming retail landscape.
The Legacy of Sears
Sears’s historical significance is undeniable. It transformed the retail industry through its innovative catalog services, introduced essential household goods, and created reputable brands such as Kenmore, Craftsman, and Die-Hard. The company also played a pivotal role in reshaping American life by offering goods that allowed women to enter the workforce more freely.
As the last full-line Kmart store closed recently, experts warn that Sears could soon follow. The potential disappearance of this once-illustrious retailer raises important questions about the future of retail in America.
The Verdict
As the holiday season approaches, the fate of Sears hangs in the balance. Industry analysts and former executives largely agree: the retailer’s days may be numbered. If trends continue, this might be Sears’s final Black Friday event.
