Skip to main content

Leasing Brochures Indicate Sears Plans To Shrink 3 More Stores, Rent Out Empty Space

By

On our master list of known Sears and Kmart stores that will be closing in coming months, one item kind of stands out: one store in Albuquerque plans to cut the size of its store in half and close the Auto Center, renting out the rest of the store. Sears appears to be using the same plan in other markets, including three stores in California.

At least, that’s the speculation of Sacramento Business Journal, which noticed rental brochures for retail spaces that looked like half of local Sears atores.

The addresses matched up, and the stores happen to be in malls where the Sears store had been sold to Seritage Growth Properties, a real estate investment trust that shares many investors with Sears, including manifesto-writing CEO Eddie Lampert.

When Sears decides to close or downside a store, Seritage is able to rent the unoccupied space out to anyone it likes.

None of this should be news to Consumerist readers, who have known for a few years now that Sears Heritage has been trying to take in roommates to save money. They don’t need all of the retail space, so it makes sense to shrink the store size down and pay less rent to the company’s own real estate trust.

Sears appears to be cutting three local stores in half [business Journal]


by Laura Northrup via Consumerist

Comments

Post a Comment

Popular posts from this blog

Chrysler Deletes Its Dating Apps, Decides To Remain Single For Now

By
They say you can’t have a healthy relationship until you’re happy with yourself. That appears to be the new mantra for Fiat Chrysler: After several attempts to woo General Motors and more recently Volkswagen , the carmaker’s top executive says he plans to ditch his lovelorn ways to concentrate on his company’s bottom line.  Bloomberg reports that CEO Sergio Marchionne has turned his focus to eliminating FCA’s debt rather than eliminating its single status. Marchionne has set a goal of erasing FCA’s debt by 2019, the same year he’s set to retire. To do that, he says the company needs to do a little work on itself. “We need to be very careful that we don’t start unrealistic dreams about consolidation as we are on our way to achieve historically important results and a debt-free position,” Marchionne told investors at the carmaker’s annual meeting in Amsterdam, as reported by Bloomberg. “We are not at a point of time to discuss any alliance.” Yes, you heard that right: The man w...
Post a Comment
Read more

Study Claims 43% Of “Wild” Salmon In Stores & Restaurants Isn’t Wild At All

By
That wild salmon entrée calling to you from the menu at dinner might not be all it’s advertised. In fact a new study released Wednesday found evidence of mislabeling in nearly half of all salmon sold in restaurants and grocery stores.  The study [ PDF ] from international environmental advocacy group, Oceana, analyzed 82 salmon samples from restaurants and grocery stores, finding that 43% of the products were mislabeled. DNA testing confirmed that 69% of the mislabeled product consisted of farmed Atlantic salmon being sold as wild-caught product. According to the report, consumers satisfying their salmon craving in restaurants are misled about 67% of the time, while those who buy their seafood in a grocery store are misled 20% of the time. “Americans might love salmon, but as our study reveals, they may be falling victim to a bait and switch,” Beth Lowell, senior campaign director at Oceana, said . “When consumers opt for wild-caught U.S. salmon, they don’t expect to get a far...
Post a Comment
Read more

Introduction to Biology (IX Biology Notes Chapter 01)

By
Science: Our universe operates under certain principles. For understanding of these principles, the experiments are done and observations are made; on the basis of which logical conclusions are drawn. Such a study is called "Science". In brief science is the knowledge based on experiments and observations. Biology: The Scientific study of living organisms is called Biology. The word biology is derived from two Greek words "bios" meaning life and "logos" meaning thought, discourse, reasoning or study. It means that all aspects of life and every type of living organism are discussed in biology. Branches of Biology: Biology is divided into following branches: Morphology The study of form and structure of living organisms is called morphology. It can be further divided into following two parts: 1. The study of external parts of living organism is called external morphology. 2. The study of internal parts of living organism is calle...
Post a Comment
Read more