Sears Stores’ Post

Who remembers Sears? 🙋♀️As a child, I recall going into their stores and receiving their catalogs in the mail. However, how did the number one retailer in the world go out of business? 🤔 💡 Sears did some revolutionary things in its hayday, starting in 1893. They built retail stores in the 1920s, realizing that rural consumers would not be dependent on their catalogs anymore with the introduction of cars. They knew the automobile was the key to what would happen to retail in America. By 1968, they were the largest retailer in the world and launched the Discover credit card in 1985, which was the first to offer cash rewards. Unfortunately, they were surpassed by Walmart in 1990. They were slow to embrace new technologies and took on high levels of debt. They failed to capitalize early on the Internet. 👉The morale of the story is to keep up with new technology and innovation. ❓Did anyone work at Sears? #retail #innovation #technology #sears

Generally speaking, 2023 was another dismal year for department stores. With the notable exception of Dillard’s, all of the main chains had sales that came in well below the same period in 2019. Over this same timeframe, non-food retail spend in the US has risen by around 36.4%, so this kind of performance represents a serious loss of market share. Collectively, these chains have lost just over $7 billion in sales since 2019! The numbers include store closures and any restructuring efforts, so it’s not surprising that JC Penney, which has been through bankruptcy and shut a large number of stores, is leading the decline. Macy’s has also shut stores and Nordstrom has closed its Canadian division. Arguably, these things are the result of operational failures so it’s quite legitimate to include them in the numbers. One of the things that marks Dillard’s out from rivals is the fact, in our surveys, it attains reasonably good scores on customer service, having a relevant assortment, having a pleasant store environment, and being an interesting store to visit. In other words, it gets many of the retail basics right, and is rewarded for doing so. Many of the other chains do not. There has been a continued decline in customer perceptions of Macy’s, and Nordstrom’s full line stores have really taken a hit as standards have fallen. At Kohl’s, some of the decline is from a pullback of shoppers due to financial worries, but customer ratings are also down as the store environment becomes more dispiriting and dismal. What’s interesting is that many of the chains have now seen the writing on the wall. JC Penney is trying to reinvent its proposition. Macy’s has committed to making stores better. And Kohl’s is trying to elevate the experience by partnering with Sephora and now Babies R Us, to create a more interesting and relevant store experience.  Climbing out of the deep hole they have dug themselves into will likely be too much to ask for legacy department stores, however, the hope is that they can at least stem the tide of decline.  #retail #retailnews #departmentstores #economy

Tonite, I CAN’T SLEEP! I can hardly contain my excitement as I prepare for tomorrow's #blackfriday! The anticipation is building, and I hope I can get a few winks as I plan to be at Kohl's when doors open at 5am and next will be heading to Target, Tractor Supply Company, DICK'S Sporting Goods, Dollar Tree Stores and Walmart for the 6am openings (probably in that order). And, will be in stores till about 4pm to catch the specialty retailers who open later. We will witness firsthand if our Coresight Research predictions turn into reality. As I stand amidst the hustle and bustle, I'll be keeping a close eye on the energy, the sales, talking to store managers, checking the number of cars in the parking lot, taking extensive notes on what’s in people’s carts, the impact of technology investments, and the excitement in the air. Our team has poured their hearts into bringing this information to life, and it's a true testament to their dedication and passion. Together, we've carefully built an approach to marry the quantitative and qualitative. I am immensely grateful for our team around the world and want to give a special shoutout to Anand Kumar, CFA and Swarooprani Muralidhar for pulling what will most likely be an all-nighter to help us get this over the finish line and I know they are excited at the opportunity to be part of this incredible journey. Since we are all awake right now, we are already formulating some unexpected insights like the significant increase in Black Friday participation in #India with brands like Tata CLiQ Luxury, H&M, Marks and Spencer, #malls, and many local brands. The Black Friday experience is not just about the sales; it's about 1) understanding the entire supply chain from beginning to end, 2) the impact of new technologies like #GenAI, 3) the challenges due to the growth of #organizedretailcrime, 4) the benefits from #retailmedianetworks, data monetization and IP monetization and the investments retailers are making as a result, and 5) THE REAL OPPORTUNITY:what did we learn that can still impact this holiday season? The TRUE test lies in the moment the doors swing open and the shopper’s journey from that point forward. Increasingly the consumer thinks “is the effort to come out worth it?” If there is too much friction and not enough excitement, consumers will continue to shift more spending online which drives higher returns, less brand loyalty and lower #CLTV. So, if you're up early tomorrow, follow our comments from the stores! Let's witness together the magic of Black Friday and cull the insights. I guarantee YOU….they never are what you think they are going to be. This photo below is from an amazing event last weekend with my dearest friend and fellow disruptor Liz Bacelar at her daughter’s quinceanara. Love-learn-laugh is what I took away from that experience and that is the mindset I am heading out with tomorrow. #BlackFridayExcitement #teamworkmakesdreamwork #lovelearnlaugh

Because the economy is NOT so great right now...!! Walmart is closing 23 stores in 8 states Target is closing 9 stores in 4 states Walgreens is closing 900 stores Bed bath and beyond is closing its remaining 360 stores. Lowes has closed 50 stores. Macy's is closing 150 stores And there are MORE: Starbucks has closed 61 stores Home Depot is closing 15 stores Dollar Tree is closing 1,000 stores Foot Locker is closing 400 stores Gap is closing 350 stores Party City is closing 24 stores Big Lots is closing stores in Cali and Colorado Burger King is closing 400 stores Best Buy is closing 20 stores Boston Market is closing 27 stores Kmart only has 2 stores left Sears closed all but 22 stores Regal Cinemas has closed 429 movie theaters Kroger grocery chain has closed 413 stores US Bank is closing 23 branches Wells Fargo is closing over 60 branches Capital One is closing 50 branches Bank of America is closing 20 branches. AND…. WHERE are all these EMPLOYEES going to go to find work? Maybe some will decide to start an online business and work for themselves. I definitely enjoy that work the most! #storeclosings #workforyourself #ecommerce #workfromhome #hireyourselfaskmehow #economy #newbeginnings

Times change and certainly have changed for Macy’s. The iconic brand is in process of closing 150 stores by 2026 including the historic San Francisco location. The 77 year old San Francisco store was once a part of the city culture but sadly  that would not be the case anymore. Macy’s claims to drive the change towards more digital presence and all the store closures are part of the strategy. But of course numbers never lie. The chain has reported  a loss of around 71 million USD in a recent quarter. If employees are to be believed a significant contributor towards the loss is theft and shoplifting. Nobody knows the exact percentage of loss contributed by theft but it is a cause of concern especially if the no. is in millions of dollars ( as whisperers are claiming). Theft of products at retail level is a harsh truth and is in the way of profitability of any logistics operation. So any business will do itself good to put certain practices in place to curb the same. On that note, what do you guys think about membership cards required for entry into the store. Just like Costco. The cost impact of the same on both business and consumers is a tale for another day. #Logisticssolutions #supplychainmanagement #Macys

JC Penny was once a retail titan. Today, the chain is clawing its way out of bankruptcy and the demise of traditional department stores. Department Stores' challenges stem from the high upfront real estate, inventory, and workforce costs and a consumer trend toward specialty retailers, discount brands, and sophisticated Tier 1 retailers like Walmart and Amazon. In addition to the macro environment, JCPenney failed at a tenant of Behavior Analytics – understanding customer behaviors inside the store. JCPenney's core customer is the “Treasure Hunter.” Treasure Hunter consumers love bargains and the hustle of checking out the aisles to find their treasure. Browsing is fun! The strategy of moving to “everyday low prices” took the fun out of searching for deals. Also, the typical JCPenney shopper is a 40-plus woman, not a 20-something. It impacts the selection of merchandise, what works, and what does not. To avoid JCPenney’s mistake, monitor KPIs such as Sale-Through Rate, Out of Stock, and Sales Conversions to evaluate if your store meets customer expectations. #JCPenny #BehaviorAnalytics #RetailKPIs #SellThough #SalesConversion #InStore #CustomerBehaviors #TreasureHunterBehavior

Yesterday’s retail news was dominated by Target’s results. So, the excellent numbers from The TJX Companies, Inc. got somewhat buried under a deluge of negative headlines. While some other retailers are struggling to generate momentum, TJX posted 5.9% growth in sales, supported by a 3% uplift in comparables. This comes off the back of a string of excellent numbers. Since the pre-pandemic period in 2019, TJX’s overall Q1 sales have increased by 34.4% or by $3.2 billion in cash terms. In the US, TJMaxx and Marshalls have added an extra $1.9 billion in Q1 sales to their revenue lines. That’s a lot of growth, and much of it has come from taking share from other players. It’s easy to look at these numbers and view them as consequential to the economic situation, because consumers are looking for value. However, value isn’t about selling any old thing at low prices. It’s about finding great products and offering them at sharp prices. And the shifts don’t happen automatically, they happen because TJX has great buying teams, employs sharp merchants, and operates with great skill. #retail #retailnews #offprice #value #apparel #homewares

I went to the Walmart museum a couple of years ago and one of the things that stuck out was Sam Walton’s truck. He was known for never really “upgrading” when he obviously could have driven the nicest or fanciest vehicle out there. Having nice things isn’t a bad thing, but staying grounded is important too. At some point, you might consider if you are driven more by things or by impact. Will I get more cool things? Money, cars, clothes? Or Will I impact more lives, families, organizations. I want to focus on that impact. What kind of #impact are you having on the world? #checkcover3 #recruiting #transportationindustry

Walmart is closing 23 stores in 8 states. Target is closing 9 stores in 4 states. Walgreens is closing 450 stores. Bed Bath and Beyond is closing its remaining 360 stores. Lowes has closed 50 stores. Macy's is closing 150 stores. Starbucks has closed 16 stores. Dollar Tree is closing 1,000 stores Foot Locker is closing 400 stores Gap is closing 350 stores Party City is closing 24 stores. Big Lots is closing stores in Cali and Colorado Burger King is closing 400 stores Best Buy is closing 20 stores Boston Market is closing 27 stores Kmart only has 2 stores left Sears closed all but 22 stores Regal Cinemas has closed 39 movie theaters. US Bank is closing 23 branches Wells Fargo is closing over 60 branches Capital One is closing 50 branches Bank of America is closing 20 branches. C.V.S. closed 900 stores by 2024. So, you say that the economy is improving? This list doesn’t include all the mom and pop stores and restaurants that have closed because of the economic conditions in the U.S.