He’s also committed to marketing and selling an additional $1 billion worth of real estate.Īs the company’s store base shrinks in size and number, the amount of money it needs to maintain and improve the stores is reduced. In his restructuring announcement, Lampert reiterated that he planned to close 150 stores in the first quarter and had closed on a $72.5 million real estate sale last month for five Sears stores and two auto centers. More sales will provide it with greater cash, and though that’s a one-time fix, Sears’ expansive footprint gives it greater flexibility in that regard. Of course, that means it still has to pay rent and may have to keep underperforming stores open longer than would be wise because of lease obligations, but so far Sears has sold mostly good properties to Seritage, and it pays bargain-basement rents. By leasing them back from the REIT, Sears relieves itself of the costs associated with the properties. Lampert finally did that with the creation of the Seritage Growth Properties ( NYSE:SRG) real estate investment trust and the sale to it of several hundred stores. The big selling point of a Sears investment has long been the ability of the retailer to monetize its asset base. No doubt the Stanley deal was done because Lampert needed a quick injection of cash into the business, but making the appliances and batteries available in a Wal-Mart, for example, or at least in Home Depot or Lowe’s, would help boost their sales.Īgain, it undercuts sales its own stores make, but you can find Coach handbags at a department store as well as in its own stores, so it’s not a fatal move and can help foster brand awareness. A better strategy might be to simply open up the brands to more retail outlets outside Sears.
That could give Sears a nice stream of revenue it wouldn’t otherwise have.ĭoing similar deals for Kenmore and DieHard might generate more cash, too. On the other hand, Lampert structured the deal so the retailer earns a small percentage on every sale Stanley makes for three years. On one hand, this move could hurt Sears, because shedding the tool brand and allowing the items to be sold at other retail outlets, even as it retains rights to make and sell them, means it will be competing against itself and gives consumers another reason not to shop at Sears.
The sale of the Craftsman brand to Stanley Black & Decker ( NYSE:SWK) indicates the way Lampert may go with both his Kenmore appliances and DieHard batteries, as well as Sears Home Services and auto centers. Unique deals for remaining premium brands I see four areas where his maneuvers might help, and though each carries risk, they could pay off handsomely if they work. Spring Hill Appliance Repair and Service will there for you.Although I’m a longtime critic of many of the moves Lampert’s made over the years that brought Sears to this precipice, with the retailer set to report its fourth-quarter and full-year results later this month, let’s look at what Lampert is doing right that just might save Sears after all.
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