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Sad for anybody to lose their job because the company cant balance the books right. What kill sears is the bought k-mart. That is their mistake. Yea k-mart was big back then, and could been bigger if they market it right and kept things in stock. Instead the just let them go down hill and quality items they once had are gone.
Wrong! K-Mart BOUGHT Sears. Sears didn't buy anybody. Amazing how many people on this thread don't know this or how do 30 seconds worth of research.
I'm not sure how it is where other people live, but in Maryland most of the remaining Macy's Department Stores seem to be in struggling malls, oftentimes in less desirable areas.
I found this article about the Kmart-Sears merger, written when the deal was still in the works (2005). Sears-Kmart Merger: Is It a Tough Sell? - Knowledge@Wharton What I found interesting is that everyone was saying how the stores had to compete with Walmart and Target. True enough, but there was not a peep about online competition! How times have changed.
I could not tell you when I last visited a mall. Why would I drive to the mall and run from store to store, hoping one of them had what I was looking for, when I can get on Amazon, find what I need, read reviews, order it and have it shipped for free? And the prices on Amazon are usually better than mall stores. I am not surprised the weaker retailers are dying. I don't see it as a reflection of the state of the economy, though.
I think it's more of a sign of online shopping. It's sad really. I hate to see these stores go, especially Sears. It used to be a good store. Our local Sears is sad now.
I order some things online. Mostly antiques and collectables.
Also, it is good for gifts. However while I do order some clothes for myself online, i can not gauge the fit and quality until I have touched it and tried it on..
which amazon broke with their no question 30 day return policy other companies follow.
The few clothing items I don't buy at thrift stores, I buy online. They aren't sold locally or aren't sold locally without HUGE markups (some necessary )
I found this article about the Kmart-Sears merger, written when the deal was still in the works (2005). Sears-Kmart Merger: Is It a Tough Sell? - Knowledge@Wharton What I found interesting is that everyone was saying how the stores had to compete with Walmart and Target. True enough, but there was not a peep about online competition! How times have changed.
I could not tell you when I last visited a mall. Why would I drive to the mall and run from store to store, hoping one of them had what I was looking for, when I can get on Amazon, find what I need, read reviews, order it and have it shipped for free? And the prices on Amazon are usually better than mall stores. I am not surprised the weaker retailers are dying. I don't see it as a reflection of the state of the economy, though.
It isn't a surprise but you should see it as an issue for the economy. You can't continue to cannibalize the retail sector like that without it making some massive waves. These stores all employ people, pay rent etc and you have to fill them when they close and leave.
Right now its not a huge concern. However the underlying problem and trend isn't going to change and likely to only accelerate with an aging population exiting the situation leaving only online savvy consumers. Especially as VR really takes off. Things are only going to continue to get worse as more and more low end jobs get replaced by automation and entire industries get cannibalized by a handful of online retailers whose only presence are some large warehouses in tax friendly states.
You also run into a problem we already are seeing now but many have realized it is a problem yet. We have relatively few solid companies left to invest in long term. Many of these companies, even the new ones like face book and twitter are already at market saturation for their product. Rapid growth is coming to a close for them, Apple and many other companies in the limelight. Those that do have solid growth like Netflix and Amazon are already priced astronomically. Valuations are rich.
The lower and middle class can't keep taking shot after shot and continue on. As some point something is going to give and it will be the economy. An incredibly one dimensional economy driven by consumers and many of them haven't seen an actual raise since the 70's while other prices have skyrocketed well over inflation.
All this stuff tends to catch up with us really quickly when the bus comes to a screeching halt.
Yeah, the Recession / Depression is going on for many lower and mid income people. The sharks that are Bosses and CEO's are surely supporting those industries that cater to their luxurious desires. But these TOP people are motivated by GREED, insensitivity, and lack of care for their fellow human beings.
As I ventured around the Midwest homeless for a year, it was amazing seeing retail stores like JCPenny and Sears barely having any employees, and running incredible up to 60% off sales...
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