Kmart's Closing
So I was told today that my Kmart is finally closing and I expected it but it is definitely saddening both for retail and of course my position. Kmart and Sears was a huge part of the retail experience back in the day, everyone from kids flipping through the Sears catalog scanning the pages looking at the toys and clothes to dad's looking at new appliances/tools coming out.
There was even BlueLight Specials
Hearing the announcer up above as the moms and elderly eagerly waiting at the cafe with their hot coffee announcing an aisle having a great deal for a limited time. You then hear a whoosh as parents alike race to that spot claiming that deal. We then flip to the late 2000's as technology companies like Amazon or Jet make it exceptionally easier for parents with a busy schedule to spend thirty minutes on the computer shopping and wait two days to get their items.
By the end of the year hundreds of Sears and Kmarts will be closed as the retail market slowly changes. I myself am glad that I was able to work for the company for a year experiencing what is had to offer but sadly it was noticeable what needed to be changed. Electronic aisles not having modern equipment like xbox's yet there are cassette tapes and how broken the shop your way rewards points are. When you spend said amount and get points sometimes it takes up to two weeks to get these special point and both business wise and for the customers thats horrible. It is going to be interesting coming up the next five years if stores like Safeway will survive in this ever growing tech world.
While companies having to react to changing economic climate and customer trends is a fact of business, it can be sad to see a retailer with such a history closing up shop. In fact, I actually worry of what the economic landscape will look like in a few years as this trend continues to take hold.
As online shopping gets bigger, how will local companies compete? How will small mom & pop shops compete? There will always be a demand for locally sourced items, but it can be hard to grow those local companies to scale. What about all the employees that worked in the big shops...are there enough other companies to absorb the excess workforce or will those employees have to move?
As those big retailers close up shop, what will become of those buildings? There aren't too many companies that can use those large retail spaces. Will the landlord keep them empty or split them up for smaller shops? How long will it take to get a new tenant in there? A vacant space does nothing for the community or real estate values.
These are exciting times, but what it will mean for the economy in the future, only time will tell.
I agree fully with this and I have noticed with stores like JCPenny and Payless slowly these stores are going out of business as people only want to shop either online or small stores like Dollar General that honestly is breaking the market in a smart way. Honestly hopefully if stores like Dollar General and Dollar Tree stays suit those stores will last
I agree, much of the economy is leaning toward the cheaper options like Dollar Tree and Dollar General...
I wish I would have taken a stake in Dollar General when Warren Buffett did in 2011!
Oh yea and when I worked for them for 3 years they are a very smart company using phones for coupons, putting seasonal done to 95% off I even sold rakes for 10 cents lol. It was awesome and it is going to stick around for awhile and I am excited and hope something like Amazon doesnt kill it
I like looking into how other companies conduct business...how business models vary greatly. In fact, I'm looking into creating a unique food truck for this area because it would be seasonal and I HATE the idea of paying rent in the economy going forward.
That said, the dollar stores have always intrigued me...what kind of volume and mark-up they must negotiate fascinates me. Clearly, if they are marking something down to 10 cents, they aren't making anything off of it and they just want to move it off the shelves without having to throw it away, but on the regularly priced items, I often wonder how much they are paying for them!
I frequently hit up my local Big Lots and have learned a bit about how they negotiate their deals and how much power local managers have in ordering the goods they sell on the floor (for the record, they don't have much say at all). But I know he sometimes marks items down to a nickle if they are approaching expiration date and he doesn't want to just write them off.
Overall, I think discount stores (and pawn shops) will be safe from online competition...for now. But mainstream retailers definitely have something to worry about.
It is very fascinating how each business does it and how one simple thing can shift a whole business model. That seems interesting trying to innovate the food truck business see what can be done with them. Yea and one thing I like though is either we sell said items to someone like Dollar tree for little profit or advertise a clearance sale and sell them for 90% off and try to force them to buy other things as well. Oh yea they will be safe and hopefully expand how they do it
If you have a minute, I'd like to hear your thoughts on this article I just wrote about how the minimum wage hikes in WA are shifting some of the business practices here.
https://steemit.com/economy/@randomness/warning-warning-warning-the-real-effects-of-a-minimum-wage-hike
Ok cool yea ill check it out!
Legalize marijuana in every state and we can turn all of those buildings into "community" grow houses. Anyone want to back this idea with cash. Just leave your email address and I'll have one of my attorneys from the law offices of Hamm, Haig, and Haig contact you. Hamm n Haigs...not just for breakfast anymore.
LOL. Interesting idea...
this may look like a good thing now that the online communities are taking over, but the future may experience some kind of strain I think, because its a circle and some parts are being made extinct. Well, what do I know? guess i watch too many movies
I'm torn in both directions...Its always good for a business to evolve, but to take away from the local community in favor of the online marketplace...I think it has a net damaging effect. Unless we look into the future and more people work for a package delivery company to deliver all the online purchases. Then again...drones. :-(
aren't we all? I grew up in the era of the big shopping malls that stand as community symbols. sad to see most going of the scene
Growing up, Sears was the place to shop. Half of my childhood home was probably bought at Sears. K Mart, on the other hand, was never an enjoyable place to shop. It seemed anytime I went into K Mart the only open line was on hold while the cashier waited on a price check. It has been over a decade since I have been in either one. I am torn. I buy more and more stuff online but I am wary of Amazons total domination of online shopping and I recognize the value of retail anchors to local communities and malls
Yea same here and my mom worked for Sears for 9 years for loss prevention so I was there a lot and it was amazing everything that was there. Lol you described my Kmart currently nooo
Yea I dont like being dependent on something like Amazon though I usually use Jet lol I like to go out to mom and pop shops solely for the service it provides and discounts they give me since I know them
I go to local bookstores and guitar shops and coffee shops. I try and support them over the big chain stores but most purchases are at large national or regional chain stores
Yea same here I like the idea of being in a place that feels homey as to say and knowing the people double my experience to shop.
Same here , 2 kmarts and sears just closed their door on my island...sad but what can we do...online retailers are killing...before sears and kmart was knocking down all little moms and pops stores...times are changing...
Yep yep times are changing and the market has to shift with it there are online markets,box shipping and dollar stores
Kmart thought they could get away with selling nothing but crap. Yes, you bought it at a crap price. But it lasted 2 months if you were lucky. Eddie Lampert was once a genius...in the end he thought he could hoodwink his customers by selling nothing but crap. Eddie Lampert will need to go before Sears Holdings can turn around. Sears holding less right now. Good bye Kmart. I guess the checkout lines get longer at Wally World as a result.
I worked at Sears in college. We were forced to push Sears charge cards with predatory 26% interest rates on every customer. I got written up for not hitting my quota since I didn't ask poor people to sign up. I quit, and don't have much sympathy for them.
Yea thats still about the same lol we just launched a new master card recently and I feel bad for my cashiers because customers dont want a card that gets them points back for a store that doesnt have the availability
Watching Kmart and Sears Torturously close their stores is brutal. The sad thing about it is that they didn't have to essentially rob so many share holders and employees. Here is a great article talking about it [ http://www.businessinsider.com/sears-failing-stores-closing-edward-lampert-bankruptcy-chances-2017-1]
Most of the things we bought came from sears growing up. The one in Nashville, TN was really neat. It was two stories and had candy, roasted nuts, and snack booth as soon as you walked in. You used to feel welcome going to sears back in the old days. They treated customers like gold. So Sad. Thanks for the post and bringing back some good memories.
I had the unique pleasure of working for Kmart in my teenage years. The one at the local mall I worked at closed about 4 years ago. I was sad to see it go.
mind blown my grandma worked for k mart for like 10 years.
Oh wow thats crazy for how much has changed for these stores within that time. What position did she work for Kmart? I work Hardlines and my mom for 9 years did loss prevention
Who will take the Craftsman brand over, I wonder. There is a lot of goodwill in that brand name . . .
Yea I agree especially since its worth is currently 2$ billion my thoughts is Home Depot will take it over
It's been a long time Kmart closed in Canada, in 1998 in fact. I didn't even know they were still running in the USA.
Oh wow thats a long time ago lol. Yea oddly enough early 2000's did decently for Sears though from then on its been downhill hell I still sell vhs tapes