First, it was Montgomery Ward, then Sears, and now, for fans of Kmart’s Blue Light Specials, the end for the ubiquitous retailer sprawled across America is at hand. As of this week, there are only three stores left. The competitive pounding on the company has been relentless. Initially squeezed between Walmart’s sheer size and Target’s posh offerings, Kmart was left with undesirable locations and deteriorating margins. Amazon came along, disrupting not just Kmart, but the entire retail sector. And COVID-19 took care of the rest. As Austrian economist Joseph Schumpeter taught, competition is the process of increasing productivity through incessant mutation. It may leave losers, but consumers always win.
Originally posted for the Orlando Sentinel’s Central Florida 100.
Photo: AP