Another Smaller Sears is coming (sorry BK Cheerleaders)

Why create a new smaller Sears if BK is happening in 2018?

Clearview Shopping Center owners buy Sears property, plan renovations, new buildings

The owners of the Clearview Shopping Center have bought the adjoining 14-acre property that includes the two-story Sears department store and auto service center, and they plan an expansion and renovation for the newly expanded mall, they said Thursday.

The Richards family said that Sears will continue operating as it transitions to a smaller space in the same building, and that two new buildings will be constructed.

No purchase amount was disclosed.

The purchase gives Clearview's owners another 200,000 square feet of retail space and expands the center, which is at the intersection of Clearview Parkway and Veterans Memorial Boulevard.

The two new buildings will front on Veterans.

“Over the past 50 years, our family has maintained a commitment to the greater New Orleans area that in many ways runs counter to what we have seen in communities across the U.S., where malls and shopping centers like ours have shifted to non-local operations,” managing partner Thomas Richards said in a news release.

“Our acquisition of the Sears site represents the first step in our vision of unlocking the site’s full potential, repositioning and reimagining Clearview in a way that has never been possible since Sears and Clearview co-developed the site back in 1968," Richards said. "It is important to the family to maximize the potential of this incredibly attractive site, while keeping it under local operation and control.”

SRSA Commercial Real Estate will lead efforts to attract prime regional and national tenants to the site in connection with its redevelopment.

“Appropriate tenant and use mix will be vital to the long-term success and prosperity of the center,” Richards said.

Clearview's current tenants include Target, Bed Bath & Beyond, the newly remodeled AMC Theatres, Zea Rotisserie & Bar, and Walk-On’s Bistreaux & Bar.

Stay with The Advocate as this story develops.

https://www.theadvocate.com/new_orleans/news/article_b55709aa-965f-11e8-b244-9bb88e713616.html

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23 replies (most recent on top)

The store in New Orleans is staying open (smaller). Sorry some people on this Board can't accept it. Sad!

I'm wondering if this is one of the situations where the mall wants the prime location and is willing to buy the old location and give us a new location and cover the cost of the build. I've seen this happen before in California specifically. Could mean a completely updated building(s) and still making the company money (Seritage not Sears, because we all know how that works)

The small format has worked in some areas.

This article is exactly the same as the one they wrote about our Sears store going to a smaller format. Guess what. The smaller format didn't work. Our Sears store closed and the space was leased out to Dave & Busters and D--k's Sporting Goods for higher rent by Seritage.

Sears downsizes their stores and then sub-leases to other businesses, such as Dave and busters or D**ks sporting goods or whoever. They get premium rent from these sub-leases until the time they can either sell the property or the lease expires. If it is a property that SHC owned they will do the same thing until Seritage has enough cash to close the store and then redevelop or sell to another developer. That is why the Buffet loan will excelerate the closing of Sears/kmart stores.

This is only the beginning.

Downsized stores can still be closed, yes, but in this case the store appears to be remaining open.

King of Prussia was downsized, remodeled, then closed a month later. KOP was the prototype for the smaller store real estate play. Ironic huh?

Troy MI Sears was the biggest in the area. They cut their space in half a year or so ago, other half is taken up by a busy At Home store.

Now it's closing anyway.

So this mall is anchored by Target , Sears and Bed Bath and Betond ?

An new lease in a new building? A gift to vacate? And a sellable gift at that.

How are those diehard auto stores doing? Well enough to build 100 more?

Nope. Sounds like Its just a gift to eddie and seritage

Hey 1pgq: "Richards family said that Sears will continue operating as it transitions to a smaller space in the same building, and that two new buildings will be constructed." Nice try though.

@Uszu9Y0-pon This are bigger signs the company is heading to the end their isnt much left its getting smaller and smaller less revenue means less income and yet the debt keeps going in an increasing level.

Also gota love how they say it will be a smaller Sears, thats just lies. I remember when someone from electronics (not long ago) said they were going to revive electronics. I LOL I said never happening I told him you really believe that horse sh*t that the supervisor said I was just chuckling. I told him electronics is dead completely. They just say that so it doesnt sound bad to the media.

The company is heading to BK.

Same like when they closed a big store like 2 hours away and I overheard a co worker telling the store manager about it store manager said they were going to reopen in another location. I was in my head ya keep dreaming...

The article barely even speculates that Sears could reopen downsized store. Realistically it will close for good.

I have already seen an instance where Sears scaled back from a multi-floor presence to one floor in a particular location.....then after all that money was spent to remodel the downsized store, a couple of years afterwards, Sears pulled the plug and closed down that store completely.

They must not look like they are driving company into bankruptcy. They are supposed to be trying to avoid it. It's legal stuff I don't claim to understand, but have read from people who do.

Bankruptcy does not always mean the end of a company and i am far from a cheerleader for sears but bk is not always the end

@Uszu9Y0-zskL You are a communist if you don't like Burger King. Whoppers are the greatest hamburgers around. You must eat one and enjoy it.

Dreamers...No BK in 2018...

The smaller Sears are failing just as bad as the new ones. Nothing's really going to change the fate of Sears.

If Im going to file BK im spending every last dollar before I do.

LOL keep pushing the propaganda. You sound like my store manager. Sears is done and everybody knows it.

Also....this could just be a lark to present the facade that SEARS is trying to persevere and move forward. The bottom line is that debt is increasing and revenue is decreasing.

Simple.....a temporary liquidation outlet to facilitate dispersal of inventory when the plug gets pulled.

And I'm not a Burger King cheerleader.

Thread regarding Sears layoffs

Another Smaller Sears is coming (sorry BK Cheerleaders)

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