[Advice] How should Sears and Kmart be managed or turned around?

Hey guys, just answered a question over on Quora

This question was asked:

"How should Sears and Kmart be managed or turned around?"

 

 It would be pretty hard to answer this without knowing some internal facts to see if a turn around can even happen but there are some things that come to mind.

Although retail stores are a dying breed with internet sales taking over, there is still a need for local retail stores. It just needs to be done smarter. You can no longer appeal to everyone. I would take the market that loves to shop in store and identify as much as possible about them. Make the stores all about that market.

One of the biggest issues with Kmart is that not only are they considered to be a cheap retailer, the stores are generally in some of the worst locations and are not kept up at all.

A re-branding and a move to build newer stores with a better shopping experience would certainly help things.

They also need to be able to separate themselves from Walmart and Target.

Sears should really be riding some of their brand recognition with Craftsman and Kenmore. Better education on why those brands are so good. Service is definitely something that is appreciated at this kind of store. Give the market a reason to shop there. Sears can really be a unique store over the others (JC Penny's, Dillards, Macy's" they just need to communicate and highlight that.

Just like Kmart, they need to separate themselves and identify what part of the market loves to shop there and cater to them.

And yeah, most likely some stores need to be closed that are just in bad areas for business. Focus on growing in areas primed for it.

Bottom line, the answer is in the question. Why should people shop at either store? Answer that and communicate it well and they can bounce back.

Hope that helps,

- JR

 

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