If you believe some critics, the decaying hulks of former Wal-Marts dot the landscape, lowering competition and marring the landscape. Some people contend that WM simply refuses to sell or lease their old spaces (regardless of the cost of doing so). The argument is simply preposterous, but the only way to convince some people is to show examples.
Well, here is one example of WM selling an old space to Sears:
Pekin-AP -- Wal-Mart officials say Sears, Roebuck and Company plans to take over the former Wal-Mart store in Pekin.
Wal-Mart Corporation spokeswoman Sharon Weber says the store is the only one in the state that will be taken over by Sears.Wal-Mart's lease on the building extends until 2011. But Weber says the retailing giant will sublease the building to Sears.
The Pekin Wal-Mart closed in April, a day before a new 203-thousand square-foot Wal-Mart Supercenter opened less than a mile away.
Sears spokesman Chris Brathwaite declined to confirm that the company plans to move into the store, located about ten miles south of Peoria.
Posted by Kevin on July, 14 2004 at 01:02 PM
