When Sears Holdings recently announced it has “substantial doubt” about its ability to continue its business, it confirmed the fact that the retailer has many more struggles to face.
While Sears was once considered “America’s largest retailer,” its recent problems provide lessons for independent business owners to learn from, according to an article by Entrepreneur.
The retail chain began as a business that stood out due to its expertise in catalog sales, which was the on-demand shopping method of the past. However, trouble came with “the rise in popularity of Walmart, which offered similar goods for cheaper prices, and Amazon, which led the charge on e-commerce and has spent billions of dollars on capitalizing on fast delivery,” according to Entrepreneur.
