The presence of Sears in the Dayton region is getting thin. The national retailer will shutter its Piqua store, according to a statement from the company. The closure comes as part of 40 additional stores Sears has earmarked to close.
The closings will begin next week and will finalize in February.
Illinois-based Sears Holdings Corp. (Nasdaq: SHLD) filed for bankruptcy Oct. 15, and agreed to close 142 stores by the end of the year, in addition to 46 stores the company previously announced would close.
With the Piqua store at 987 E. Ash St. set to close, that only leaves a Springfield Sears store location in the Miami Valley. Pressure from online retailers such as Amazon.com, as well as more competition from other retailers, has impacted once-stalwart companies such as Sears.
These department stores closings — including local Elder-Beerman stores — not only impacts jobs. It also leaves large real estate vacancies that can be difficult to re-fill.
There are currently about 700 Sears and Kmart stores in the United States, with about 70,000 employees. The company had about 2,000 stores about five years ago, reports our sister paper Chicago Business Journal.
In the Greater Dayton region, Sears currently operates two Sears stores, as well as six outlet, appliance stores or auto shop:
- Sears store at 1475 Upper Valley Pike, Springfield;
- Sears store at 987 E. Ash St., Piqua (set to close);
- Sears Appliance Outlet at 2000 E. Dorothy Lane, Kettering;
- Sears Appliance Outlet at 8284 Troy Pike, Huber Heights;
- Sears Auto Center next to Upper Valley Mall in Springfield;
- Sears Hometown store at 1220 Russ Road, Greenville;
- Sears Hometown store at 1280 Indiana Ave., Saint Marys; and
- Sears Hometown store at 745 Fox Road, Van Wert.
Where the Sears store closed at The Mall at Fairfield Commons in Beavercreek, two new tenants are readying to occupy the space left behind — home goods retailer The RoomPlace and family entertainment company Round1 Entertainment. The Dayton Mall Sears store is set to close by November.
The company, which listed assets of $6.94 billion and total debts of $11.34 billion, was facing a $134 million debt payment at the time of the filing. The company has set up a restructuring website where the filing may be downloaded and claims may be made.
Sears is a 125-year-old retailer that shaped American buying habits during much of the 20th century, reports Chicago Business Journal.
At the Dayton and Beavercreek malls, when a store or department store leaves, the Washington Prime Group in Columbus which operates the two locations, uses it as an opportunity to bring new retail concepts to the shopping centers, said Kimberly Green, vice president, Investor Relations & Corporate Communications, at Washington Prime Group.
“We continue to proactively reposition underperforming department store spaces with new uses including big box retail, dining, entertainment, grocery and even mixed use,” Green said, including residential, office and medical uses.
Green said at the Dayton Mall, where Sears and Elder Beerman are vacating, Washington Prime Group does “not control the spaces for future redevelopment.”
“However, we are working closely with both owners as they explore future redevelopment opportunities at Dayton Mall,” Green said.
In Beavercreek, a former Elder Beerman has demolished at The Mall at Fairfield Commons to make way for a group of restaurants including BJ’s Restaurant & Brewhouse, Chuy’s Tex-Mex and BRAVO! Cucina Italiano.
| Rank | Prior Rank | Property |
|---|---|---|
1 | 1 | Austin Landing |
2 | 2 | Dayton Mall |
3 | 3 | The Mall at Fairfield Commons |