That Mall is sick and that Store is dead!

September 10, 2009

It’s Too Late to Save Sears Matthews Says: Tech Ticker, Yahoo! Finance

Filed under: potential dead chains — Anita @ 10:36 pm

Article + video

Here’s what bothers him about Lampert’s management of the once fabled retailer:

  • Lack of investment in stores. “The stores are terrible; they don’t look any better than they did five years ago. In fact, they look worse.”  Matthews notes Wal-Mart spends tens of billions a year on stores, while Sears is spending about $200 million.  That’s no way to compete.
  • No retail expert at the helm. For more than 18 months, Sears has had an “interim” CEO, Matthews notes. Until they hire someone more permanent with retail know-how they’re doomed, he says. “I kept waiting for five years: when is he going to hire the guy? Never happened.”
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