Last Metro Detroit Super Kmart to Close
Looks like Kmart is closing its last "Super" Kmart on Van Born in Taylor. The failed discount + grocery superstore concept, in the vein of Kroger Marketplace/Meijer/Fred Meyer, is just one of a variety of almost comical missteps made by the troubled retailer--at one time, the world's largest.
For years, this store has always been one of my favorite guilty-pleasure destinations: time is running out if you're interested in a journey down a rabbit hole into a rundown, deserted, outdated 80s/90s time warp.
http://www.usatoday.com/story/money/...s-us/83356912/
Good Bye - and Good Reddance Kmart
Brick and mortar retail is on life support, and has been for some time now. Retail has been a drag on the GDP figures as well.
An estimate of the nation's department stores averaged $165.00 in sales – per square foot last year, which is an incredulous 24% decline since 2006. That bargain basement figure is likely due to the consumer shifting towards online, making a trip to a tri-level Macy’s at the local mall increasingly unnecessary. For department stores – especially anchor stores – they must boost per square foot sales; which is essential to driving profits, and pay their high rents.
Sears Holdings Corp., has been bleeding, and on life support since they owned the Prodigy network – not quite.
Sears has been quietly culling their store population [[over and over again) for some time now. Their stock snapshot is as dismal as their product lines. SHLD – the stock symbol for Sears Holdings, has lost over 57% of its value in the past 12 months, leaving it with a paltry market cap. of 1.9 billion – which puts it in the small capitalization category. I hope pain is something their shareholders enjoy. To go back to somewhat greener times, 2006 for example, much deeper cuts – down to the bone – are required, such as shuttering an additional 300 stores, which is ~ 43% of the total stores left in the portfolio. I do not think any amount of cuts will reverse the coffin that has been waiting for Sears.
Misery loves company; J.C. Penney is top heavy as well; needing to close ~ 300 locations, or ~ 31% of its store base.
By comparison, Macy's, which has been one of the more aggressive retailers to minimize their mall footprint, is shuddering 35 stores this spring. Macy’s has, and is, closing their expensive, under-performing brick and mortar locations, and would only need to eliminate a further ~ 60 sites, or ~ 9% of its base. Leaving Macy’s with a little over 700 stores – down from 858 in 2006. Macy’s stock is down 40% in the past 12 months – it has a market cap. of 12 billion.
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