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Transforming Sears to an Integrated Retail Entity Is Vital for the Company’S Survival

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Transforming Sears to an Integrated Retail Entity Is Vital for the Company’S Survival Volume 17, Issue 1 Summer, 2014 Sears 2014 Annual Meeting Transforming Sears to an Integrated Retail Entity Is Vital for the Company’s Survival Speaking at the company’s annual the U.S.” Sears Holdings currently too big, Lampert said. So he plans shareholders meeting on May 6, Ed- operates 1,152 Kmart stores and to continue to lease space at some die Lampert stood alone and faced 778 Sears stores. desirable locations to other retailers his investors for the first time as the like Sears has with Whole Foods company’s chief executive officer, Market and Dick’s Sporting Goods. as well as its chairman, majority He sees rental income as a growing shareholder and engineer of the revenue stream in the future. merger of Kmart Holdings Corp. Eddie rebuffed the notion, however, and Sears, Roebuck and Co. eight that Sears is selling its best stores. years ago. Citing the top 149 malls in America as Eddie said, “Looking back at what defined by Goldman Sachs and Morgan used to be doesn’t give us a chance Stanley, he said Sears had locations to transform.” And transformation in 63 of them in 2007 and 61 today. is something the company must do Lampert defended the sale of the to survive. Chairman Eddie Lampert Ala Moana “A” store in Honolulu, The past is probably where Eddie Hawaii, as an exception because of doesn’t want Sears shareholders the $300 million financial gain to Sears has closed 305 stores since to have their focus considering the company. While the company 2010 and has spun off Orchard the company has had 28 straight does not disclose sales figures for Supply Hardware, Sears Hometown quarters of declining sales. For specific stores, it has been rumored and Outlet stores, and most recent- those that insist on focusing on continued on page 2 ly, Lands End. Even though closing the past, he pointed to Apple stores is part of Sears modus ope- and General Dynamics as com- This issue of STRAIGHT TALK: randi for the future, Lampert that panies that went through rough Sears Annual Meeting p. 1 “we want to make our bigger and periods before achieving success- N.A.R.S.E. Presentation p. 4 better stores bigger and better.” Icebox Tale p. 5 ful transformations. Gordon Muschett Obit p. 5 In the past, Lampert said he was Closing Stores Part of Our Future Lampert Blogpost p. 6 more inclined to keep a marginal According to Lampert, “closing Steven Dennis p. 7 store open, but now if a store isn’t Retiree Clubs p. 9 stores is going to be part of our turning a healthy profit, his choice Chairman’s Page p. 10 f uture.” He said, “You don’t need would be to not renew the lease. I’m Not Dead Yet! p. 12 2,000 stores to be competitive in Do You Remember? p. 12 At Sears, many stores are simply —STRAIGHT TALK Summer 2014— 1 Survival continued from page 1 Kodak in the early 2000s. All three may have to be disconnected from that Ala Moana was one of the of these companies produced re- the transformative aspect.” sults that underscore the wisdom highest sales volume stores in the Fully Integrated Retailer of Sears’ own decisions to reduce country. When Sears announced As in the past, Eddie spoke about capital expenditures and divest the closing of this store, a company pursuing a goal of becoming a fully assets, he said. spokeswoman said the Ala Moana integrated multichannel retailer, sale made “good business sense” Lampert pointed out that Apple primarily through the company’s for Sears and was not necessarily dramatically slashed research and Shop Your Way rewards program. He tied to performance. development investment when its said that members of the program His vision of Sears stores five revenue dropped significantly in are the biggest driver of sales for the years from now will be physically the late ’90s. Meanwhile, Eastman company and its greatest focus. Kodak continued to invest even as smaller and will sell both Sears The three-year-old rewards pro- its film business was evaporating in merchandise and goods from third- gram, which Sears says has tens of the face of the digital age. party retailers, much the way the millions of participants, is becom- company’s online Marketplace cur- In the end, of course, Apple rebounded ing increasingly important as the rently sells 120 million products, exponentially while Kodak declared company tries to revive sales. More the vast majority of which are not Chapter 11 bankruptcy in 2012. than half of Sears sales now come Sears own merchandise. from Shop Your Way members, and He also pointed to General Dynam- sales per member increased more “We want to be a partnership com- ics’ divestiture of nearly $6 billion pany,” he said. “Sometimes we’re than 8 percent last year, compared going to be the big dog, with a 4.1 percent drop and sometimes we’re go- company-wide. ing to be a (smaller) piece “We are becoming a of a solution.” company focused less However, Sears isn’t alone on products and less on in shrinking. J.C. Penney, stores and much more on Radio Shack Corp., and members,” Lampert said. Staples have all announced Comparing Sears to a plans to close stores in patient undergoing major of assets in the early 1990s after 2014. Office Depot Inc. recently an- surgery who looks worse before the end of the Cold War. The com- nounced it intends to close at least he gets better, Lampert said the pany, which shrank from about 400 stores in the United States. company’s lackluster financial per- $10 billion in revenue to $3 billion formance does not mean its Shop As American shopping habits in 1994, has since rebounded to a Your Way rewards program and change with more sales online $30 billion company. and fewer shopping trips to indoor focus on integrated retail are not shopping malls, many retailers are Citing these examples of companies successful. Rather, it means these rethinking their stores’ footprint. that have successfully undergone investments will pay off in the fu- transformations despite seemingly ture. “Financial performance does Other Transformations damning financials, he said,“Some - not equal Shop Your Way,” he said. To make his point about the need times you need to go backwards to Over the past two years Sears has for transformation, Mr. Lampert go forwards.” used a PowerPoint presentation il- expanded its online marketplace lustrating scenarios used by three Eddie emphasized the need for and has increased available prod- well-known companies. His ex- transformation versus “tweaking.” ucts from 40 million items to about amples included Apple Inc. in the In other words, to save the business 120 million today. “We’ve been very 1990s to early 2000s, aerospace the company must migrate to the focused on serving members, provid- and defense company General Internet economy. He also reminded ing products they want and very Dynamics in the early 2000s, and the shareholders that “financials continued on page 3 camera/film company Eastman —STRAIGHT TALK Summer 2014— 2 Survival continued from page 2 tions about the company’s financial was adjourned and proceeded with focused on price,” Mr. Lampert was struggles were fair, but that they an impassioned monolog culminat- recently quoted as saying. have obscured real progress tak- ing in singing her rendition of the ing place. Lord’s Prayer. Eddie said that Sears is “building a better mousetrap; we’re building He said Sears has hired some of the Q & A Responses a better way for people to manage best minds in retail, and the lack of In response to N.A.R.S.E.’s com- their lives when they’re shopping” immediate financial improvement ments, Eddie made a spoken that will get to know customers points to a radical industry trans- commitment to take care of retir- through more than just stores and formation underway. ees and said the company made a recent $3 billion infusion to company products, but also part- “When the best people in an indus- retiree benefits. He also said that nerships with other brands. try have a very hard time producing the company would start streaming results, it is about the people or the “Retail has been very controlling,” shareholder meetings. he said. He added he is “inspired by industry?” he said. Eddie also acknowledged the hu- what’s happening in the technology “You used to push a button, and man toll of closing stores and the industry, more and more you have to the door opened,” he continued. “It company’s careful weighing of this be part of a network … There are a doesn’t work that way anymore. lot of local and small medium-sized aspect. He said that Sears still has businesses. We can be an advertis- to take care of the profit recovery ing platform for them, a fulfillment program but “bricks and mortar will platform for them.” be around for a long time.” What About Apparel? EDITOR ’S N OT E : The above article was When it comes to apparel, assembled from a report of our rep- Mr. Lampert said the company is resentative at the annual meeting, evaluating its strategy and will Bill Barker; and also news reports focus on shorter inventory cycles from Crain’s Chicago Business, and faster fashion in the future. May 8, 2014, by Brigid Sweeney; It’s smarter to buy $50 million of Bloomberg.net, Lauren Coleman- apparel 10 times throughout the Lochner, May 7, 2014; Chicago year than to make a large $500 mil- Tribune Breaking News, May 6, lion bet a year in advance, he said.
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