Another once strong American retail chain is set to fall to one store in the U.S., not dissimilar to the fall of Blockbuster. Discount department store Kmart plans to shut the doors of its last full-size store in the U.S.
The Long Island location will close on Oct. 20, leaving just one smaller Kmart left in the country. In the 1990s, Kmart was a retail giant with about 2,500 stores across the country, known for its famous “blue light specials” and “attention Kmart shoppers” announcements.
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As time went on, Kmart struggled to compete with big-box rivals like Walmart and Target. Its slow response to the rise of online shopping and failure to modernize left the chain struggling to keep up.
As financial difficulties piled up, the retailer first filed for bankruptcy back in 2002. After merging with Sears in 2005 in an estimated $11 billion deal, both companies filed for bankruptcy again in 2018, resulting in the closure of many stores.
Although Kmart has nearly vanished from the U.S., it continues to operate hundreds of locations in Australia, where the brand still remains strong.
Jack Aylmer
ANOTHER AMERICAN RETAIL CHAIN IS SET TO GO THE WAY OF BLOCKBUSTER.
DISCOUNT DEPARTMENT STORE KMART, PLANS TO SHUT THE DOORS OF ITS LAST FULL-SIZE STORE IN THE U.S.
THE LONG ISLAND LOCATION WILL CLOSE ON OCTOBER 20TH – LEAVING JUST ONE SMALLER KMART LEFT IN THE COUNTRY.
IN THE 1990S, KMART WAS A RETAIL GIANT WITH ABOUT 2,500 STORES ACROSS THE U.S. KNOWN FOR ITS FAMOUS ‘BLUE LIGHT SPECIALS’ & ‘ATTENTION KMART SHOPPERS’ ANNOUNCEMENTS.
HOWEVER AS TIME WENT ON, KMART STRUGGLED TO COMPETE WITH BIG-BOX RIVALS LIKE WALMART AND TARGET. ITS SLOW RESPONSE TO THE RISE OF ONLINE SHOPPING AND FAILURE TO MODERNIZE LEFT THE CHAIN STRUGGLING TO KEEP UP.
AS FINANCIAL DIFFICULTIES PILED UP,THE RETAILER FIRST FILED FOR BANKRUPTCY IN 2002. AFTER MERGING WITH SEARS IN 2005 IN AN $11-BILLION-DOLLAR DEAL, BOTH COMPANIES FILED FOR BANKRUPTCY AGAIN IN 2018, RESULTING IN THE CLOSURE OF MANY STORES.
ALTHOUGH KMART HAS NEARLY VANISHED FROM THE U.S., IT CONTINUES TO OPERATE HUNDREDS OF LOCATIONS IN AUSTRALIA, WHERE THE BRAND REMAINS STRONG.
FOR SAN, I’M JACK A.
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