So I've been reading this odd statement, recently, from the PR guy at Sears (I don't think I am allowed to write names here, but y'all can figure out who he is).
In article after article, he is making this comment on each store closing: Transformco said in a statement that its "go-forward store strategy for Sears and Kmart is to operate a diversified portfolio consisting of a small number of larger, premier stores with a larger number of small format stores."
One of the closing stores is the Sears store at Woodfield Mall in Schaumburg, Illinois, which Transformco said is "its last large department store in Illinois." The company said it plans to "redevelop and reinvigorate the property."
Transformco said it "will continue to expand both Hometown Stores and Home & Life stores in cities and towns that previously had larger format stores." It also is "very focused on growing sears.com and the Sears Home Services business.”
Also, from another article, Transformco, which owns Sears and Kmart, said it plans to “redevelop and reinvigorate” the Pasadena and Downey properties.
“This is part of the company’s strategy to unlock the value of the real estate and pursue the highest and best use for the benefit of the local community,” Transformco spokesman Larry Costello said via email.
Soooooooooooooo.....at least he is being honest and admitting that the larger format stores are on the way out. We Knew this, of course, but at least they're finally 'fessing up about it.
Also, at least they are being honest that Hometowns, Home & Life's, etc., will be what they will have going forward.
But my bigger question is this. Someone please explain this to me. Correct me if I'm wrong, but all the current stores are leased, right? They don't "own" anything. As far as I Know, the last Seritage (owned) store ended circa 2020. So what the h3ll is Sears going to “redevelop and reinvigorate” in properties they don't freaking own? It's the equivalent of my leaving an apartment I was Renting, then on my way out, I am yammering about how I'm going to “redevelop and reinvigorate” the apartment that I no longer lease and no longer have jack sh!t to do with. Is it just me, or does the guy sound insane? It's like the crazy guy who gets evicted from his apartment, and he's walking down the street stating to everyone that he sees, that he is going to renovate and add a swimming Pool to the property he just got kicked out from. And everyone is like "OK, senile man. Whatever you Say, buddy".
Sears was only leasing all these properties. They don't (to my Knowledge) own ANY of them. So what exactly do they plan to “redevelop and reinvigorate” in some property they have nothing to do with? They might as well plan to “redevelop and reinvigorate” the Walmart down the road, because they have as much to do with the old Sears building, as they do with some random Walmart or any other property. Again, it sounds like some Drunk that you see in the Bar, going on and on, about starting some new business, and buying a private jet, when in actuality, he lives in a homeless shelter. Literally makes no sense, but the media keep printing his statement like it is somehow coherent.