JC Penney in its Death Throes

March 22, 2017, 08:11 PM

quote:
Originally posted by Woodman:
quote:
Originally posted by 12131:
Who's next, SEARS? Or, are they dead, already?

Today I finally made it into Sears to exchange Craftsman tools. There were less than 12 cars in the west lot; upon leaving, I saw even fewer along the southern entrance.

The guy swapped my ¼" x 6" slotted screwdriver, said he'd order in a ⅜" x 12" slotted (overall length 17", pretty handy LARGE screwdriver), and since they no longer sell Craftsman tape measures, he made a one-time swap, a broken 20' Craftsman for a Stanley 30' in metal case.

The cashier assured me "Sears was not abandoning this location. We're the top-grossing store in the area".

With an empty lot? On the news today as BBMW has posted, the CEO said they may be pulling the plug.

I think Sears announced yesterday or today they are probably not a "going concern", which means they admit they do not have a viable future.

March 22, 2017, 08:24 PM

ulsterman

quote:
The cashier assured me "Sears was not abandoning this location. We're the top-grossing store in the area".

If no one else is selling anything and you sell 1 thing, you are the top grossing store.

July 15, 2020, 11:09 AM

bendable

quote:
A few examples of expenses that a brick & mortar store has that an online-only source does not:

rent or mortgage, and property taxes associated with being in a prime location vs. a warehouse in a low-cost area

(you don't think Nordstrom pays taxes on a 900,000 sq ft fulfillment center in Cedar rapids ,Ia ? )

wages necessary to attract appropriately dressed staff in a prime location vs. warehouse wages in low-cost area

(all though no where near as stringent most have some dress code )

building maintenance and cleaning far above and beyond that of a warehouse, like carpet cleaning, floor waxing, bathroom maintenance, escalator and elevator maintenance and repair

greater interior and exterior lighting
outdoor landscaping
parking lots and associated maintenance
security/loss prevention staff
signage

( Nordstrom has all this )

cost of meeting handicapped accessibility requirements

( o.s.h.a. on a regular basis checking this out )

liability insurance
extra costs associated with a facility open to the public vs. just a warehouse with employees

(yeah 340 employees require liability up the wah hoo)

merchandise display fixtures
staff to make the shelves and merchandise look pretty again after customers mess it up
cashiers and equipment
a cash handling office and staff, a safe, and contract with armored car company
paying staff an hour or 2 after closing to clean up and paying staff an hour or 2 before opening to get store ready

This message has been edited. Last edited by: bendable,

July 15, 2020, 12:45 PM

83v45magna

quote:
Originally posted by flesheatingvirus:
On the brighter side, there likely will be an actual sale at Penney's soon.

FIFY

"Me John Big Tree!"

Link to original video: https://youtu.be/Qi8COKSTJ1Q

July 15, 2020, 02:25 PM

Rey HRH

JC Penney has been dead man walking for a long while.

What is surprising for lessons learned is that Sears was the Amazon in its heyday. That it couldn't pivot and recognize the new method of delivering its catalog to people says something.

"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.

July 15, 2020, 03:04 PM

Fredward

Lack of customer service killed both JCP and Sears.

July 15, 2020, 04:58 PM

bendable

Lack of customer service,
And

Way, way, too many chiefs and no where near enough indians.

The chiefs
Claimed to know everything

And stopped listening to
The people on the sales floor that had a front row seat
As to the wants and needs

Of the customers that wanted to throw fist fulls of money at them