Kmart Is About To Call It Quits For Good?
Kmart is only a shell of what it once was, and now it may be about to crumble and fall for good.
This article is more than 2 years old
When the first Kmart store opened in 1962, the possibilities for expansion were endless as the retailer gained popularity with consumers across America. At its peak in 1994, there were about 2,486 locations globally, including 2,323 discount stores and Super Kmart Center spots locally. But the decades were not kind to the seemingly unstoppable chain. Soon there will be only three stores operating in the country.
On Saturday, the Kmart store in Avenel, New Jersey will be the latest store scheduled to permanently shut its doors. Liquidation firm SB360 Capital Partners is managing the store’s closing sale, USA Today reports. Sadly, the big-box department store has been declining for a while. Years of falling sales and changes in shopping habits have all contributed to the chain’s troubles. The world of retail is now dominated by Target, Amazon, and Walmart – which opened not long after its now-failing counterpart.
Over time, the weight of it all was too much for Kmart as the store struggled to compete with Walmart’s low prices and Target’s trendy offers. In early 2002, the retailer filed for Chapter 11 bankruptcy protection, becoming the largest U.S. chain to take that step. At the time the company said it would close more than 250 stores, AP News reports. A few years later, hedge fund executive Edward Lampert combined Sears and Kmart and pledged to return the stores to their former glory. But the recession and the rising dominance of online shopping derailed those dreams.
During the store’s prime years, Kmart stocked product lines endorsed by celebrities like Martha Stewart and Jaclyn Smith. The discount giant also sponsored NASCAR auto races and was mentioned in popular films like Rain Man and Beetlejuice. The outlet was even mentioned in songs by artists like Eminem, The Beastie Boys, and Hall and Oates. As such, the store cemented its place in American culture with its Blue Light Specials that beckoned bargain hunters.
Speaking about the Illinois-based retailer, Michael Lisicky who has written several books about retail history in the United States said it’s a sad situation because Kmart was part of America. “Everybody went to Kmart, whether you liked it or not. They had everything. You had toys. You had sporting goods. You had candy. You had stationery,” he told the USA Today. “It was something for everybody. This was almost as much of a social visit as it was a shopping visit. You could spend hours here. And these just dotted the American landscape over the years.”
In the past, when news of impending Kmart closures made the news, there was an outpouring of support from loyal shoppers. A Detroit radio station even started a campaign to save a local store. These days, however, the closing of the New Jersey location was met with shrugs and an air of resignation. The store’s closing hit a little more strongly for Mike Jerdonek, a truck driver who remembers shopping at the store as a child. “It’s like history passing right in front of our eyes, he told AP News. “And to see it gone right now, it’s kind of sad.”
