125 years of success apparently means nothing if you can’t keep up with current demands. Formerly known as “America’s Store,” Sears announced today the closure of more than 140 brick & mortar locations.
For more than a century, Sears has made its mark as a retail provider, investor and marketing machine. Dabbling in projects from insurance to credit cards and with major sponsorships in NASCAR and television, Sears excelled on every level.
For most of us, Sears has been a fixture of malls and shopping centers nationwide. Whether we’re looking for clothing, jewelry, accessories, or even an oil change, Sears has long been the go-to solution — and probably within a five mile radius from home. The time-tested business model proved prosperous for decades. We all know the famous movie line, “You’re not in the hamburger business, you’re in the real estate business” (The Founder, 2016).
But…that’s the problem. Consumers no longer care about locational convenience. Why should we when everything is available online with more options and lower prices?
The simple truth is, Sears was overtaken by its giant competitors, like Amazon, before it even realized it was in a competition. One swift wave of technology and “click to ship” convenience swallowed Sears whole, taking all its market share prisoner.
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