The Sears business has been going through troubles over the last few years. And the troubles have reached the Oakville Place Sears location with the recent announcement of closure.
1,200 jobs will be lost which is a tragedy for Oakville’s workers. 10 other Sears locations have also been closed across Canada which is a huge blow.
Retailers have to now contend with online platforms that are more convenient and easy to use for shoppers. Sears filed for bankruptcy last year after continual negative cash flow and operating losses. The management decided against borrowing more money to cover losses as the future projected cash flows are not expected to be enough.
Sears isn’t giving up completely. The company is rebranding and opening 14 renovated stores with modern layouts. Unsurprisingly, Sears is also moving towards digital and online platforms to keep up with the evolving retail landscape.
What about Oakville Place? Sears takes up serious square footage in the mall. There is opportunity for new stores to move in. The mall has attracted some upscale stores over the past few years. What will be next? A lot of people feel that Oakville Place isn’t keeping up with the times and is becoming increasingly irrelevant. Let’s hope the management makes the best decisions to attract the right stores.