Kmart is closing its last big-box store in the contiguous U.S., employees with the company told CBS MoneyWatch, capping the retreat of what was once America’s dominant discount retailer.
Kmart will shutter its location at Bridgehampton Commons mall in Bridgehampton, New York, on October 20, two workers at the store said. The location is the retailer’s only remaining full-size store in the U.S. Kimco Realty, the real estate investment trust that owns Bridgehampton Commons, confirmed that Kmart is leaving the shopping center.
A representative for Transformco, Kmart’s owner, did not immediately respond to a request for comment.
The department store chain will continue to operate a reduced-size location in Miami, Florida. The retailer also operates in Guam and the U.S. Virgin Islands.
Kmart opened its first store in Garden City, Michigan, in 1962. And two decades ago, the company still operated 1,400 stores across the U.S., although its sales were sagging amid rising competition from industry players such as Costco and Walmart, along with the advent of e-commerce.
An $11 billion merger in 2005 with another fading retail brand, Sears, led by hedge fund manager Eddie Lampert failed to stanch the bleeding.
A range of retailers, including Bed, Bath & Beyond, Rite Aid, CVS Health and Foot Locker, shut a total of 4,600 stores in 2023, up 80% from the previous year.
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Source Agencies
