+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Sears just got another depressing sign it is doomed

Feb 9, 2016, 02:02 IST

YouTube/searsstyle

Sears is losing some of its most loyal customers.

Advertisement

The department store has traditionally attracted female shoppers aged 55 years and older, but that demographic is now choosing to shop elsewhere, according to a recent study by Prosper Insights & Analytics.

In fact, most women would now rather shop at Goodwill than at Sears, according to the survey.

"Quite literally, Sears shoppers are a dying breed," Pam Goodfellow, an analyst for Prosper Insights & Analytics, writes in Forbes.

In women's clothing alone, the share of shoppers who prefer Sears has dropped 53% from January 2006 to January 2016, the survey found.

Advertisement

Sears is also losing considerable ground in categories like sporting goods, linens and bedding, home improvement, and electronics.

It's a "dire" situation for Sears, according to Goodfellow. As older shoppers leave Sears, the company is failing to attract new, younger customers, she writes.

Shar Rao shops in the Lands' End section at a Sears store in Vernon Hills Illinois.Thomson Reuters

"Sears' biggest shopper losses have come from what was once was its core customer base: those 55 and over," Goodfellow writes. "Adding to Sears' woes are dramatic declines among those 18-34 and 35-54 as well, pointing to a very bleak outlook for Sears' future."

Sears has acknowledged some of its troubles in advertising. The retailer mocked its own empty parking lots in a 2013 ad geared toward millennials.

We reached out to the company for comment on the Prosper survey and will update when we hear back.

Advertisement

Sears' same-stores sales have fallen for the past five years, including a 10.1% drop in the first three quarters of 2015 compared to the same period a year earlier.

The department store chain has been closing hundreds of stores and the stock has lost 50% of its value in the last year.

NOW WATCH: One of America's longtime wardrobe staples could become extinct

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article