Sears at Cross County Shopping Center is another victim of the ongoing Sears saga. A Sears spokesperson confirmed today that the store, which is one of the mall’s anchors, will close late July.
https://www.lohud.com/story/news/local/2019/06/05/sears-cross-county-shopping-center-yonkers-closing/1356486001/
@1blo Even if you own the property you still have to pay a fee (rent) to the mall ownership to do business there. It is either a percentage of sales, a flat fee, or both. It's a very common and known fact and expense in any mall. The more high profile the mall the higher the payment. Needless to say this is a cost only corporate knows and it affects the store's profitability.
When all your SYW stuff is free it’s easy to lose money. $300 on $300? Buy a grill, then each successive week buy one of those cheap $10 tool sets, around Christmas list the tool sets on eBay. Now the average customer doesn’t have to go to Sears they can just buy from you on eBay. The. They paid for your grill.
Losing a million a year on the highest volume. That Shop Your Way Rewards Transformation Eddie's been talking about the entire decade sure is working well!
Rent expense to who? Seritage? The properties once owned by Sears that Eddie sold for a song, roughly $400M under market value and leased back to Sears?
Yonkers has been the highest volume mainland store for at least the last ten years, even more than CA stores. The possible exception would have been nearby Rego Park which is also closed. The issue is the tremendous burden of rent expense these stores pay which requires upwards of $40m in sales to make profitable.
@1vau Where did you get that information? Are you including stores in southern California?
More store closing posts, the better.
The Yonkers store has lost over 1 million a year for over five years, yet is the highest volume Sears on the mainland.
If the OP wrote something along the lines of "To follow up on an earlier post on the cross county mall store closing topic, here is a link to......", it would not create the impression that the OP was not paying attention.
If it was the OP that wrote the "so what?" reply, sorry, you did not get the big scoop on this story....Someone else beat you to it by posting it earlier than you by a full day.
The same topic was posted 24 hours ago just 4 or 5 threads down from this one but this one was worded as if the other one did not exist.
Not that difficult to pay attention is it?
So what?
Already mentioned in another post below.