The past number of years have been downright brutal for the retail industry on a broad level.
Much of the pain started during the Covid pandemic, when orders to stay home forced consumers out of stores. More than 50 retailers filed for bankruptcy in 2020, largely fueled by a sudden decline in sales.
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Even once the economy recovered from the pandemic and people were allowed to start leaving their houses again, retailers were hit with supply chain bottlenecks. And no sooner did that issue resolve when inflation started taking a toll on consumers.
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Though inflation isn’t as bad today as it was a couple of years ago, consumers’ budgets are still being strained. As a result, many people aren’t shopping as freely as they were before inflation started ramping up.
A good number of retailers have succumbed to sluggish sales and either filed for bankruptcy or closed stores. And with the threat of tariffs looming, it won’t be shocking to see retail bankruptcies and closures continue as the year moves along.
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Sears was a disaster all on its own
While a lot of troubled retailers can blame factors like the pandemic and inflation on their ultimate demise, Sears can’t do the same.
Sears was struggling well before that dreaded virus took hold in 2020. For years, the company made a number of huge blunders, from failing to embrace the digital sales trend to neglecting its stores and inventory.
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There was a time when shopping at Sears was an event. Near the end, shopping at Sears was just sad, with stores in disarray and shelves loaded with dated products no one wanted.
Another big issue Sears had was that it couldn’t keep up with its competition. Giants like Walmart and Target obliterated Sears, beating the once-popular department store on everything from product quality to price.
It wasn’t particularly surprising when Sears filed for bankruptcy in 2018. While there are still a few Sears stores left, for the most part, the company is all but gone.
Sears location gets a much-needed revival
The decline of Sears — and its subsequent store closures — left many commercial landlords in a tough spot. Sears stores were huge in size, and finding replacement tenants has not been an easy thing.
But now, one abandoned Sears location is getting a facelift.
A long-vacant former Sears store in Mesquite, Texas will soon be occupied by popular family entertainment center Main Event.
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Owned by famous arcade and restaurant chain Dave & Buster’s, Main Event locations feature arcade games, laser tag, and restaurants with a casual dining menu.
In Mesquite, Main Event is slated to occupy the first floor of the former Sears location, which is roughly 58,000 square feet in size. The city expects the new venue to create several hundred jobs and bolster the local economy.
The addition of Main Event also addresses a key need in the city, as residents have been eager to see more entertainment options come to town.
On top of Main Event, developers are working to bring more restaurants to the now-abandoned Sears location.
As of now, there’s no official opening date for Main Event, as construction could take a number of months. But either way, converting an old Sears to an entertainment hub is a smart move on the city and property owner’s part. And it’s something other commercial landlords can take a lesson from.
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A number of former Sears locations, including 3 in Florida have become similar entertainment-based venues. In addition, the former Sears in West Hartford, Conn. has become an adult bar and entertainment center while former Sears locations in New England and New Jersey have (or will soon) undergo similar changes.
Anytime a major retail tenant closes up shop, it can have a brutal effect on the vacant space it leaves in its wake. Housing entertainment venues in empty Sears stores is a great way to utilize that square footage and revitalize shopping districts that need a lifeline.
