Kmart's Final Closure: A Look at the Last Store in the Contiguous U.S.
Kmart's Last Store Closure
Kmart, once a leading player in discount retail, is officially closing its last big-box store in the contiguous U.S. Located at Bridgehampton Commons mall in Bridgehampton, New York, this location is set to close on October 20.
Employees shared the news with CBS MoneyWatch, confirming the end of Kmart's full-size operations in the mainland U.S. Although Kmart will maintain a smaller store in Miami, Florida, and a presence in Guam and the U.S. Virgin Islands, this closure symbolizes a significant decline from the nearly 1,400 stores operational two decades ago.
A Shift in Retail Landscape
- Rising Competition: Kmart faced increasing pressure from major retailers like Walmart and Costco.
- E-commerce Growth: The online shopping surge further impacted Kmart's business model.
- Failed Mergers: A merger with Sears in 2005, orchestrated by hedge fund manager Eddie Lampert, could not reverse the declining fortunes.
This year alone, over 4,600 retail stores closed, showing an 80% spike from 2022, with brands like Bed, Bath & Beyond and CVS Health also exiting the market.
Implications for Retail
The closure of Kmart's last store signifies deeper trends within the retail industry, emphasizing the challenges faced by traditional retailers amid a rapidly changing economic environment.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.