Thursday, December 06, 2007

"So far, for all of Sears, including Kmart, the strategy has failed miserably."

I've spoken so many times of my love for the NYPost Business Page but now, the thrill may be gone. Doesn't it seem a lot less sassy these days? Is it because Suzanne Kapner left? At least I think this is her, now writing for Fortune and delightfully calling bullshit on Eddie Lampert and Sears: "Take the $1 billion in capital investment that Lampert refers to....Sure, this sounds like a lot of money, but it pales in comparison to what other retailers spend on store upkeep and expansion. Over the past 12 months, Sears spent 1.2 percent of its overall sales on capital expenditures. That compares with 7.1 percent for Target." So that's why Sears and Kmarts are so crappy. Also: "Analysts and frustrated consumers alike talk about how stores are frequently bare of essentials, but laden with out-of-season goods."

Maybe it's unkind, though, to delight in Lampert's troubles. There must be some positive news about the guy. Oh.

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