Sears to Close Downtown Chicago Flagship Store in April
Posted on January 29, 2014Sears is closing its downtown Chicago flagship store in April. Liquidation sales at the store began this week. The Chicago Sun-Times reports that the store, which opened in May 2001, has lost millions since opening. CBS News notes that Sears has its origins in Chicago. A chronology of Sears' history can be found here.
Sears CEO Edward Lampert also recently blogged about how retail is changing because of the Internet and mobile devices. Lampert writes, "Data about the 2013 holiday season from a wide variety of retailers is feeding a growing consensus: store traffic has decreased significantly across the industry and may never return to previous levels. We don't disagree with these conclusions, but we're not at all sure that they are new."
Lambert also linked to a Wall Street Journal story about how retailers are confronting a new world of reduced shopper traffic at bricks-and-mortar locations.