Recently, Sears Holdings (consisting of Sears and Kmart stores) and Macy’s announced the combined closing of over 200 stores and the layoff of approximately 10,000 workers nationwide.
Do some research either on Sears Holdings or on Macy’s. Be sure that you visit IBISWorld, and that you do some research on the Department Store industry. Then, answer the following:
- Describe the specific strategies that you believe Sears Holdings or Macy’s have followed in the past 2-3 years.
- Next, discuss why the strategies of these companies appear to be failing (why are both companies now needing to close so many stores?). Are the strategies of the company you selected flawed? If so, why? If not, what else is the cause of the multiple store closures on the part of both companies?