Sears seeking new store chief
By Furniture Today Staff -- Furniture Today, August 2, 2004
Hoffman Estates, Ill. — Sears is looking for a new retail president to oversee both full-line stores and a growing number of off-mall units.
Mark Cosby, who had been president of full-line stores, is leaving the company and his position has been eliminated. Sears said it is creating a new position with broader responsibilities to reflect its growth strategy.
Until the job is filled, CEO Alan Lacy will perform the duties.
"We are establishing this important new position as part of the next phase of Sears' strategic plan, which involves execution of our off-mall growth program, full integration and alignment of the retail organization and the continuing turnaround of our mall-based stores," Lacy said.
The new retail president also will oversee merchandising, supply chain management and marketing for the 2,300-store retailer.
Sales results at full-line stores have lagged expectations in recent months, with same-store sales declining for the past three months.
Meanwhile, Sears' growth plans for off-mall stores got a boost from its recently announced agreement to acquire as many as 61 Kmart and Wal-Mart locations. By the end of next year, the company plans to have about 70 off-mall stores, including 12 to 14 Sears Grand units and a new midsized format.
