by Mark Fogelberg
With the news Friday that Sears Holding's profits dropped 99% (!) to a mere $2 million dollars, analysts have come out swinging. Cost cutting and gains from merger consolidation helped the company for a couple of years. But...old stores in need of refreshing and cuts in marketing spending pummeled the stores during the crucial back to school shopping season. While JCPenney's finding its love marks; while Kohl's has been rolling out campaign after campaign, Sears has been awfully quiet.
I am a huge fan of Sears -- Tools, electronics and automotive in the same store as clothing, housewares and appliances? What could be better? -- yet I can't think of any recent advertising. Yikes.
Edward Lampert may be several billion times $marter than me but I would love for him to read Chapter 4 of my favorite recent book. By adopting an "Invest, don't spend" mindset, marketing and advertising could move to center stage and yank this icon forward.
Come on Sears et al! We know you can do it!
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