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Tue July 2, 2013
Sears Store At Fayette Mall To Close
LEXINGTON, Ky. - Fayette Mall will be closing its third largest retail store by the end of the year.
Sears is closing their doors. The Vacancy will leave more than 150,000 square feet of unused space in Fayette Mall. Only Macy's and Dillard's occupy more square footage.
Revenues at the chain have dropped by more than $800 M in the past year.
On its website, Sears blames the decrease in sales on having fewer Kmart and Sears full-line stores in operation, lower comparable store sales and the separation of the Sears Hometown and Outlet businesses which occurred in the third quarter of 2012.
Sears was one of the original anchor stores in Fayette Mall when it opened in 1971. There are currently no plans to open a Sears store anywhere else in Lexington.
The Lexington Herald Leader reports that the mall's owners, plan to remodel the space for new retailers and add two to three restaurants to the front of the building.