Three Hundred Million Square Feet
Three hundred million square feet of retail space. That's how much Sears Holdings has. And this is what MarketWatch says they've done with it:
Sears Holdings Corp.'s fiscal third-quarter loss widened as the retailer's same-store sales continued to weaken and as a tax-benefit helped year-ago results, though its operating costs declined in the latest period.
The company, which has been struggling for years to turn around its operations, has tried to draw in customers with more appealing stores and endeavors like a loyalty program. But gains from asset sales have helped Sears post improved bottom-line results lately.
A weak economy has also hurt demand for the retailer lately. In the latest period, overall domestic same-store sales declined 3.1%. Same-store sales slipped 1.6% at the Sears chain and fell 4.8% at sister discounter Kmart. Sears Canada's same-store sales decreased 5.7%.
Three hundred million square feet of retail space. None of it necessary. CRE dodged much of the RRE bullet but this is the mother of all bullets and it is cocked in the chamber.