Sears Holdings (SHLD) isn’t where customers expect to go for products like Chanel handbags and Rolex watches, but Sears is trying to change that.
Sears’ Chairman and Chief Executive Edward Lampert is pushing to have high-end items added to the Sears Marketplace through third-party vendors. Marketplace is a portion of the company’s website that is comparable to Amazon (AMZN) and Ebay (EBAY). Lampert is focusing on the e-commerce part of Sears, and likely hopes it will make up for a lack of sales from the company’s physical stores.
“Regardless of how successful they are in growing this business, the bulk of their business is from stores,” Matt McGinley, managing director of investor research firm International Strategy & Investment Group, told The Wall Street Journal. “And if they can’t plug those holes, it’s hard to see how they remain viable as a retailer.”
Sears saw a 9% decrease in sales last quarter and lost $279 million, reports WSJ.