Sears Tries Selling, Leasing Stores Online

It looks like Sears Holdings Corp. might be ready soon to start cashing in on some of its real estate by putting thousands of its namesake and Kmart stores on the market for sale or lease. And management thinks that the Internet might be an attractive way to do so.

The retailer recently launched a website called SHC Realty that has a searchable database of its properties. The site currently has 67 closed stores that are on the market for sale.

Maybe more interesting is what Sears offers for existing stores. At nearly 4,000 locations it offers store-within-a-store leasing, out parcels and other configurations.

On the store-within-a-store front, Sears already inked a deal, with Edwin Watts Golf Shops, which will put its stores in 12 Sears locations.

What do you think of this nontraditional strategy? Will Sears gain some cash flow out of the move or is the online route a tough sell?


9 Responses to “Sears Tries Selling, Leasing Stores Online”

  1. 1 Nashville-Broker April 26, 2010 at 11:05 am

    Glad to see KMart open up the process. Hiring CBRE to sell corporate surplus property is a HUGE mistake! CBRE only offers the property for sale to its own CBRE Brokers and therefore they do not obtain the highest price from local brokers and buyers who have been interested in the property for years! Retailers should hire local brokers who truly let the market work by offering a property for sale to ALL buyers and brokers in the market, otherwise the price obtained is less than maximum.

    • 2 Y April 28, 2010 at 11:50 am

      As long as the broke only represents one side of the deal. New Jersey they are allowed to serve both parties thus thickening their own pockets.

  2. 3 Dave April 26, 2010 at 12:35 pm

    I agree that local brokers could be more effective. I assume that the new company (Sears Holdings Management Corp.) is a subsidiary of the parent, Sears Holdings Corp. led by Eddie Lambert.

    Does anybody know who the President of the new subsidiary (under Mr. Lambert) is? Dave

  3. 4 James April 26, 2010 at 3:07 pm

    I’d like to see the standard operating agreement/lease for the store within a store arrangement. That would appear to be a very complicated relationship between landlord and tenant. Maybe they will have sample agreement at RECON this year.

  4. 5 Tahitijack April 27, 2010 at 10:26 am

    I like to see old-line organizations like Sears trying out different approaches. Not certain a local broker would reach enough users nationally.

  5. 6 Cameron Maness April 27, 2010 at 1:44 pm

    I think they are using some wonderfully outside-of-the-box strategies. It’s nice to see old firms like Sears try new tactics. I wish them the best.

  6. 7 Huhhhh??? April 27, 2010 at 5:00 pm

    So, someone tell me, WHAT’S store within a store?? Like a swap meet???

  7. 8 Lou Klein April 27, 2010 at 5:43 pm

    This is a fantastic plan.

    Getting local brokerages to take the listings is a brilliant stroke. Sometimes national brokerages cant see the forest for the trees.

  8. 9 James April 28, 2010 at 9:31 am

    I think this is the end of Sears. This plan belies a certain amount of desperation, the time to sell the real estate was 2006 or early 07.
    I have oftened wonder why they didn’t focus their stores on what they did best, Tools, Appliances, Electronics, Yard and Garden Implements, Auto Service, Housewares, Linens, Ceramics and dump the Furniture, Apparel, and Shoes that were the same as everyone else was doing.

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