If this was Sears' final Black Friday, it certainly didn't make it one to remember.
Kmart -- which has opened for over 20 straight years on Thanksgiving Day -- saw sparse crowds at several locations TheStreet toured in Long Island, N.Y. Most folks in the store were picking up last-minute items for their Thanksgiving Day dinner table, rather than the buy-one-get-one-free coats and sweaters Kmart had on offer. Kmart's electronics and toy sections were devoid of the deal-seekers that typically come out in force on Black Friday. And most glaringly, millennial shoppers -- which have come in droves to malls and discount stores so far this holiday season to snap up salivating discounts on TVs and apparel -- were virtually nowhere to be found.
"Walmart (WMT) has better deals," said one shopper TheStreet spoke with while waiting in line for the opening of a Kmart store. Another said she thought Best Buy (BBY) and Target (TGT) had better selections than Kmart in electronics and toys. Kmart's traffic remained weak straight on through the weekend, per TheStreet's store visits.
Traffic wasn't much better over the four-day holiday weekend at Sears (SHLD) stores, as consumers snapped up better deals on apparel at J.C. Penney (JCP) and Macy's (M) and at Best Buy for electronics (see tweets below).
What looks to be another horrible start to the shopping season for Sears could make its already precarious financial situation that much more worrisome in early 2017.
Kmart's second-quarter same-store sales fell 3.3%, representing the seventh straight quarterly decline. Sales were pressed in some of Kmart's most important categories, such as pharmacy, groceries and consumer electronics.
— Brian Sozzi (@BrianSozzi) November 24, 2016