Everything at Sears in addition to Kmart stores will be going on sale ahead of the holidays. Everything.
The troubled department store chain on Wednesday kicked off a promotional event that will promises “first-of-their-kind” discounts ranging through 10 to 50 percent at Sears stores, in addition to 10 to 40 percent at Kmart.
Appliances at Sears will be as much as 40 percent off, one flyer reviewed by CNBC shows. Tools, recliners in addition to work boots made by DieHard are being marked down up to 50 percent. in addition to family outerwear at Kmart will see markdowns around 40 percent.
that will season will be crucial for Sears, which has been struggling with some of its vendors to keep merchandise in stock. Just last month, the company tapped CEO Eddie Lampert’s hedge fund three times for additional financing. During its latest quarter, Sears posted a double-digit decline in same-store sales, a metric closely watched by Wall Street.
The deals will run through the Saturday of Thanksgiving weekend. Sears said the item wanted to get a jump on the season to help customers avoid a “Black Friday crunch.”
“We will have deals in every nook in addition to cranny of the store,” Kelly Cook, chief marketing officer of Sears in addition to Kmart, told CNBC.
“Our shoppers said they wanted four things for the holidays,” Cook said. that will consisted of: extra time, added customer service, more freebies, in addition to “the whole store on sale.”
In addition to the steep discounts at stores through the season, Sears will offer shoppers curbside pickup, free Sears “cash” in Shop Your Way points to spend on items, the return of the iconic Sears catalog, in addition to Kmart’s Bluelight Specials.
Cook described the brand-new strategy as the biggest holiday push Sears has ever done.
In years past, promotions at Sears in addition to Kmart stores have been more sporadic throughout November in addition to December. although Cook in addition to her team said they were finding “the holiday shopping period will be growing beyond Black Friday, seeping into the beginning parts of November.”
When asked about the retailer’s margins being hurt by more promotions, Cook said Sears tested a similar “blowout” event at a select Kmart store earlier that will summer, to monitor the economics of the idea.
Results showed Kmart shoppers were buying more during the month, in addition to coming in more frequently, she said. “the item was viable economically.”
As October came to an end, America’s department stores were already under fire for their holiday strategies. that will year, Amazon’s encroaching retail presence will be on the minds of many. In turn, each retailer has its own way of trying to win sales.
Kohl’s, for example, has signed a deal with Amazon to sell some of Amazon’s tech products in addition to accept Amazon returns in a handful of Kohl’s stores, heading into the holidays.
Nordstrom, which has fared better on the stock market than all of its peers that will year except for Kohl’s, will be betting bigger on its off-cost Rack division in addition to testing a smaller store format without inventory.
Stocks of retail rivals Macy’s in addition to J.C. Penney were downgraded by Citi on Monday, to sell through neutral ratings. Citi analyst Paul Lejuez will be calling for “another promotional holiday season” ahead for the already-challenged department store industry.