Sears announces closure of five stores: Queen's University professor
Queen’s University marketing professor Monica LaBarge is available to comment on Sears pulling out of five major malls. The closure includes the store’s flagship location in Toronto’s Eaton Centre. Over 900 employees are affected by the closure.
“Sears isn’t an iconic brand in Canada (the way that Eaton’s was or Hudson’s Bay Company is),” says Dr. LaBarge. “It’s largely an American import, which may be why it’s struggled compared to The Bay, which can position itself as truly Canadian. The troubles it is having are not unique to Sears — large retail stores that take up a lot of expensive mall space are all struggling as more people are going online. When you pay as much rent as they do, the problems of people not shopping in your store are compounded.”
Sears plans to sell the leases of five stores located in Toronto, London, Markham and Richmond, British Columbia by 2015.
Please note Dr. LaBarge is only available for phone interviews.
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