Sears to Close Chicago FlagshipJanuary 21, 2014
In a sad commentary on the decline of legacy retail, Sears announced Tuesday that it will shutter its flagship brick-and-mortar location in Chicago.
According to Reuters, Sears will close its last major retail outlet in the downtown area of the company's hometown, although it retains three other stores in the Chicago area.
CEO Edward Lampert told Reuters the company will emphasize its online business:
The consensus about decreased store traffic also highlights another decision that has steered our work: we very often need less space to serve our members better and we may need fewer locations as well," Lampert said.
"As difficult as these changes are, we believe the alternative of failing to plan for or even see where the retail industry is heading would be far, far worse."