I've used the above graphic before here. I have an odd fascination with the story of the Sears and Kmart department stores, which have for some time been under the same management. Or maybe I should say "mis-management" because every time I read about them, I see that the proprietors have a new plan to reverse the chains' fortunes and restore them to their former glory…and each time, more stores close. As this article notes…
The two chains are only a shell of what they were when the holding company that owns both emerged from bankruptcy less than three years ago. At the time, the holding company — given the overly optimistic name Transformco — still had 223 Sears and 202 Kmart stores nationwide. That was already down 87% from the 3,500 stores between the two brands when they merged together in 2005 to form Sears Holdings. But the percentage drop in stores since the company emerged from bankruptcy in February of 2019 has been even steeper.
Today there are only 21 full-line Sears stores left in the mainland United States, and two more in Puerto Rico, according to the store locator on the Sears website, once recent closings are eliminated. Another seven stores listed on the site are limited to selling appliances, and in some cases, mattresses, rather than the full range of offerings that once was a hallmark of both chains. And by the end of the year there will be only six Kmarts left in the mainland United States, along with six more in Puerto Rico, Guam and the Virgin Islands.
I used to have a friend, also named Mark, who was genetically incapable of going into a business of any kind and not telling you how poorly it was run and how he could make it soar to new heights. Anywhere. No matter what it was — bank, restaurant, nail salon, porn shop — no matter how successful it was — the folks in charge were idiots and he, having placed one foot into the place, could tell you how to save it. At the time, his profession was stocking the shelves at a Montgomery Ward department store…and that chain would still be around if instead of having him stock shelves, they'd made him C.E.O. of the corporation. Or so he insisted.
I thought he was wacko then. Today, I figure that if he was running Sears and Kmart, he couldn't do a worse job. I also think a trained seal might do a better job, depending on who'd trained it.
Like most people, I haven't been inside a Sears in decades. But I did go to a nearby Kmart that is no longer nearby. The place was shabby. The merchandise was cheap in terms of prices but cheaper in terms of quality. Half the stuff on the shelves seemed to be items that had been purchased, taken home, returned to the store, sloppily resealed and put back out for sale. And it was just about impossible to find anyone to answer a question or help you with your purchase. As near as I can tell, the myriad "rescue" plans of the chain's management didn't include fixing most of these problems.
The locator on the Kmart website tells me there are no Kmart stories within 100 miles of me now and I don't feel like shlepping down to Puerto Rico to do my Christmas shopping. There is a Sears Media Center thirteen miles away and a full-size Sears about thirteen miles away but I'm not going there either. It's about an hour drive and there's no guarantee it'll still be in business when I get there.