I noticed the same thing in various cities where we’ve lived.
The main stockholder in Sears/KMart must be banking on selling the real estate since his storys will largely be empty...
“The main stockholder in Sears/KMart must be banking on selling the real estate since his storys will largely be empty...”
Next to the mall in Exton, PA, there was a “Big K”. Dirty, poorly staffed, and usually just about empty. But sitting on a prime piece of property.
They tore it down a year ago, and a Whole Foods has been built in its place, set to open soon.
That’s exactly what “Fast Eddie” Lampert is doing — treating the whole Sears/Kmart empire as a real estate investment. The retail aspect is minor at this point.
I remember going into the Sears flagship store on State Street in downtown Chicago several years back. The few customers were mostly Hispanic, and the store staff, in their shabby, ill-fitting red vests, seemed to be entirely black and Hispanic. The black employees were shuffling around in slow motion, often stopping in the aisles to mutter to one another. The Hispanic employees were bustling and chattering a mile a minute amongst themselves and with the Hispanic customers. I watched an order being rung up and wondered if the clerk was giving the customer a discount of some sort. That store has long since closed.