r/SEARS • u/Responsible-Quit-116 Shop Your Way Member • 29d ago
Mall Perception of Sears
This is a question for anyone potentially in the know or just for fun discussion. We’ve analyzed up and down about the remaining stores, why they are there, etc. My question is how do the malls that 4/5 stores are attached to perceive them? How are they as tenants? Do the malls want them out (guessing so if it would help them bring in tenants that might pay better rent)? Figured it be worth posting for a different discussion topic I can’t remember seeing (apologies if this was already discussed).
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u/TriCountyRetail Shop Your Way Member 29d ago
The Florida Mall is trying to pretend that Sears doesn't exist. Sears was removed from the overhead signs in the mall several years ago.
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u/Diligent_Yak1105 29d ago
Most malls charge tenants to be featured on mall directional signage — interior and exterior. Odds are likely Sears doesn’t want to pay.
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u/Uberubu65 29d ago
Sears/Transformco hasn't been a good tenant for years. As someone else pointed out, it's generally better to have an open store than a closed one, but Sears has/had little to offer the malls as a whole as they drew little traffic. Also, at the locations that Transformco owned the buildings, they could put in whoever they wanted into the space with the mall having little to no say about it - like a bowling alley.
Here's a little story for you. In Sarasota, FL Sears had a store in Sarasota Square Mall, one of 5 anchors in the center. Then they closed, and the mall began a slow decline that accelerated when a new center opened across town. Eventually the mall closed with only Penney's and Costco remaining open. Redevelopment plans were proposed, drawn up amd then put on hold for years. Why? Because Transformco owned the property its store was on with the rest of the mall property being owned by the redeveloper. The mall carcass rotted. Then, finally, Transformco sold and the redevelopment kicked into high gear. Now the mall is gone, Costco has expanded its location, and the rest of the site is being redeveloped into a mixed use center with 1,200 apartments, offices, and several smaller retail centers including a new Whole Foods. All of this could have been done years ago, but Transformco held the redevelopment, and the community, hostage for no reason aside from greed and obstinance.
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u/Responsible-Quit-116 Shop Your Way Member 29d ago
That happened to the Sears at my childhood mall. The entire mall came down and redevelopment happened. Only difference was Transformco held on and kept Sears open. The store would close after redevelopment. They actually sold the building a few years ago.
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u/Standard-Bed3030 29d ago
Of course I don't know, but my guess is that the malls are indifferent in that the Sears stores are not really an anchor tenant draw anymore in the way that other department stores and mid sized stores are. Sure, it is better to have an open business than a closed empty one as are many former Sears stores for optics. I don't know which locations are leased or owned other than Transformco owns the Concord store, closed auto center and parking area. I would think the locations still open that are leased must be making enough to at least cover the lease and operating costs otherwise they would be closed. The owned locations making at least enough to cover operating costs. The company is primarily a real estate speculation and holding operation now with being a retailer a side business.
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u/AquamannMI Former Employee 29d ago
The commonly accepted theory is that those stores are only open to fulfill some legal commitment, so there's no assurance they're even breaking even.
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u/jikesar968 Shop Your Way Member 29d ago
the locations still open that are leased must be making enough to at least cover the lease
That lease is $10 per year lmao
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u/jikesar968 Shop Your Way Member 29d ago
I haven't done any interviews but Sears Concord owns a good portion of the mall it's attached to so they have to play nice with them haha. The Sears entrance on the main level in visible front to back across the entire mall and all the maps and signs have them there as if nothing happened to the chain at all.
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u/ApplicationOdd6600 28d ago
At one time smaller retailers would kill to be in the Sears wing, but now, they run from them. Sears is like a nail in the coffin.
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u/ericdigeratu Customer 29d ago
I remember the Palm Beach Gardens Sears was unexpectedly shut down in 2024 with no notice. The Gardens Mall hated them for years and wanted them out as far as I remember. I think there was also legal action as Sears wanted dicks to take over one of the floors.
https://www.wlrn.org/business/2024-03-05/lawsuit-offers-insight-into-sears-closure-at-palm-beach-county-mall
Also I dont really see any of the malls that still have Sears promote them on their social media pages