Kmart is closing its last big-box store in the contiguous United States, company employees tell CBS MoneyWatch, ending the retreat of what was once America’s dominant discount retailer.
Kmart will close its store at the Bridgehampton Commons mall in Bridgehampton, New York, on Oct. 20, two store employees said. It is the retailer’s only remaining full-size store in the United States. Kimco Realty, the real estate investment trust that owns Bridgehampton Commons, confirmed that Kmart is leaving the mall.
A representative for Transformco, which owns Kmart, did not immediately respond to a request for comment.
The department store chain will continue to operate a smaller store in Miami, Florida. The retailer also has operations in Guam and the U.S. Virgin Islands.
Kmart opened its first store in Garden City, Michigan, in 1962. And twenty years ago, the company still operated 1,400 stores across the United States, although its sales were declining due to increasing competition from industry players such as Costco and Walmart, as well as the advent of e-commerce.
A $11 billion merger In 2005, another declining retail brand, Sears, run by hedge fund manager Eddie Lampert, failed to stem the bleeding.
Several retailers, including Bed, Bath & Beyond, Rite Aid, CVS Health and Foot Locker, have closed a total of 4,600 stores in 2023up 80% from the previous year.
