WATCH: Sears Canada is closing nearly 60 stores. None of its Vancouver Island locations are affected, at least not yet. Isabelle Raghem reports.
Sears Canada said Thursday it will be shutting down 59 stores across and slashing 2,900 jobs under a court-supervised restructuring.
“In many ways they have lost their reason for existence. When we think about Sears it’s hard to think of something that clearly captures who they are,” says Saul Klein, Dean of Gustavson School of Business at the University of Victoria.
In the age of online shopping, the business expert says a lack of identity is what led to the company’s demise.
Klein says the closures is a reflection of the changing shopping landscape.
“Often the success model for a mall was having a strong anchor store. Sears was one of those anchor stores. [But] overtime, Sears has stopped being that draw into the mall.”
It’s a message Victoria’s Mayfair Mall hears loud and clear.
More retails spaces, gardens and charging stations are some of the changes to be complete at Mayfair by 2018, in an effort to stay competitive.
“Events like what is happening with Sears, definitely is evidence that if we don’t elevate that experience of shopping there will be the incentive to just buy it online,” says Mayfair Mall General Manager Laura Poland.
List of locations closing in B.C.
- Abbotsford Retail (outlet)
- Creston (Hometown)
- Grand Forks (Hometown)
- Kamloops Aberdeen Mall (full line)
- Sechelt (Hometown)