Store closing signs went up this week for Kmart 4361 in Hazlet NJ.
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In the earnings call, they admitted that over 500 leases on the 1,172 stores are expiring in the next five years. This doesn't mean that all 500 stores will close, rather it gives them some very good options. Btw, Kmart opened over 225 stores in 1976. Not all of them had boilerplate leases, so don't assume all of those stores will close at once either.
just saw on the Detroit News website this morning that the Kmart on Ann Arbor Road in Plymouth is closing. The very first Kmart is within 10 miles of that location. They've closed so many Kmarts around Detroit they don't even bother to put ads in the paper anymore. Fun while it lasted, I guess.
This is probably the first of many more to come. Once the second quarter results are released, there will most likely be an announcement of selected stores for closure. If not now, they will probably close additional stores after the holiday season.
Wow. Oh. Wow. 4361 was essentially a monopoly store and was never, ever in the red during my time in New Jersey two years ago.
There were no competitors within six miles and in the summer the store caught a lot of shore traffic, as it is on the way to the shore for people from North Jersey and New York. Seasonal did very well as a result.
I imagine this will place some pressure on the remaining stores in the district on sales and "customer experience" metrics.
Exactly what they did to the Kmart I worked at 7239. Our store was closed for the redevelopment of the entire shopping center, we officially closed January 18?, 2014.
It was last week.
They are supposed to be closed by December.
The shopping center recently changed ownership, with new owners seeking more upscale tenants for a redevelopment of the entire strip.