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Author Topic: Sears isn't dead yet?  (Read 2237 times)

Angel Eyes

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Re: Sears isn't dead yet?
« Reply #25 on: February 07, 2019, 04:32:50 PM »
Sears gets a new lease on life:

https://www.cnbc.com/2019/02/07/eddie-lamperts-deal-to-buy-sears-approved-retailer-given-second-life.html

Not sure if Lampert's Sears will be worth patronizing.
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Brad Johnson

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Re: Sears isn't dead yet?
« Reply #26 on: February 08, 2019, 09:33:55 AM »
If his history holds, he'll continue using the Retail side to bulk up and bolster the Real Estate side, then sell or liquidate the Retail side and hedge against the Real Estate side's value to get into something even shadier.

Brad
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makattak

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Re: Sears isn't dead yet?
« Reply #27 on: February 08, 2019, 09:46:07 AM »
Quote from: Brad Johnson on February 08, 2019, 09:33:55 AM
If his history holds, he'll continue using the Retail side to bulk up and bolster the Real Estate side, then sell or liquidate the Retail side and hedge against the Real Estate side's value to get into something even shadier.

Brad

I'm starting to wonder when the bottom will fall out of the "real estate" side. Malls are increasingly depopulated.

Its been an interesting experience going to the mall (I think we go about 3 times a year.) Never crowded, except in Chic-fil-A.

I'm curious how much longer the "anchor" stores can hold on. I am almost always there for my wife to stop by Bath and Body Works or some such. We'll look in the anchor stores, but I can't remember the last time I bought anything in one. (As in, I can remember buying stuff there, but I'm not sure if those purchases 8+ years ago were the last time.)

I do know I haven't made a major purchase in a mall in more than 10 years.

How much longer will those real estate holdings have value if the profitability of retail space is shrinking?
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Brad Johnson

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Re: Sears isn't dead yet?
« Reply #28 on: February 08, 2019, 10:07:04 AM »
Most mall retail space is rented rather than owned so the mall's demise won't have much of an impact on SRE's booked holdings. The owned locations' land values are directly dictated by the current rent rate, which Sears can cook because SRE charges SRet rent to operate in the property.

I haven't looked into it, but I'd bet a good burger that most, if not all, the store closures were in rented facilities, leaving only self-owned locations where they can monkey the books to their heart's content under the RE/Retail corporate-sibling accounting setup.

Brad
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