Why Sears Canada Failed?
Sears was once considered as Canada’s largest growing and most successful departmental store.But now it’s on peak of closing its stores.Nearly 16000 people are worried as they are going to lose their jobs.
The worse decline of Sears is going to be a great example in a history how even a successful business or great companies lose their importance.Millennials might have thought it would remain number 1 forever and no other competitor will compete it ever, but , the company recently reported that its sales are plunging and has almost lost $10 billion in last 6 years. To survive, Sears started closing down its best performing stores.
The foremost reason is the missteps taken by the management.According to Lampert, The Chairman and the chief executive of Sears Holding Corp. the retailers …show more content…
Reasons why Sears disappeared:-
1.) People are no longer interested - Some people use the phrase “ I have to beg them to take my money” ...It’s because several people claimed that they were unable to find any cashiers at stores to check out.
2.) Little investment for future as compared to competitors - Sears is closing stores and cutting costs while failing to invest in strategies that could improve business.According to Brian Sozzi, chief equities strategist at Belus Capital Advisors, Sears is investing very little amount as compared to what competitors do.
3.) Investment strategy- There was very less spending on social media promotions as it’s one among the popular way of reaching audience which Sears didn’t followed. Another bad strategy was Sears kept funding by spinning off its properties. For example, Land’s End and Sears Auto.
4.) No identity- In today’s world people want a reason to buy from you. For example, people go to walmart because it’s cheap. They go to Macy’s for greater choice but Sears failed to have a brand
Sears was once considered as Canada’s largest growing and most successful departmental store.But now it’s on peak of closing its stores.Nearly 16000 people are worried as they are going to lose their jobs.
The worse decline of Sears is going to be a great example in a history how even a successful business or great companies lose their importance.Millennials might have thought it would remain number 1 forever and no other competitor will compete it ever, but , the company recently reported that its sales are plunging and has almost lost $10 billion in last 6 years. To survive, Sears started closing down its best performing stores.
The foremost reason is the missteps taken by the management.According to Lampert, The Chairman and the chief executive of Sears Holding Corp. the retailers …show more content…
Reasons why Sears disappeared:-
1.) People are no longer interested - Some people use the phrase “ I have to beg them to take my money” ...It’s because several people claimed that they were unable to find any cashiers at stores to check out.
2.) Little investment for future as compared to competitors - Sears is closing stores and cutting costs while failing to invest in strategies that could improve business.According to Brian Sozzi, chief equities strategist at Belus Capital Advisors, Sears is investing very little amount as compared to what competitors do.
3.) Investment strategy- There was very less spending on social media promotions as it’s one among the popular way of reaching audience which Sears didn’t followed. Another bad strategy was Sears kept funding by spinning off its properties. For example, Land’s End and Sears Auto.
4.) No identity- In today’s world people want a reason to buy from you. For example, people go to walmart because it’s cheap. They go to Macy’s for greater choice but Sears failed to have a brand