Retail needs to adapt or die.
That was the call to action sounded by Eddie Lampert, founder of ESL Partners, which controls about 60 percent of Sears Holdings, in an interview with CNBC Wednesday.
In a rare media appearance, Lampert said the changes in the retail industry have been great for the consumer, but there is a question about whether it has been great for business.
“A lot of businesses will have profitless prosperity and we’ve got to adapt, and I think that companies like Amazon, eBay, they’ve turned this into a big opportunity, and we have to be able to compete with them, not just Wal-Mart, Target, etc.,” Lampert said. His comments alluded to the fact that consumers are benefiting from increased price transparency and a shift to more online purchases.
Lampert has been struggling to revive Sears for more than seven years. Last year, the iconic retailer lost more than $3 billion, and it has suffered six straight years of same-store sales declines. In February, the company announced its latest strategy to shutter stores in an effort to raise as much as $770 million in much-needed cash. Since then, speculation has surfaced that the company is also in the process of shopping its Land’s End brand.Page 1 of 3 | Next Page