Pavement maintenance contractors all know the importance of appearance on the success of a property, and a report on some of the issues Sears is facing just reinforces that.
According to an article in The Wall Street Journal, retail experts say store chains spend an average of $6-$8 per square foot on annual maintenance. Sears, on the other hand, spends about $1.90 per square foot according to Matthew McGinley, managing director of International Strategy & Investment Group. He says that $1.90 "is a quarter of what you need to maintain share and keep it as an acceptable place to shop."
The impact is that not only do Sears locations look bad, their appearance is deterring shoppers and sales have dropped every year since 2005.
"Maintenance and renovations are important for a fresh atmosphere that signals to shoppers that products are up-to-date and worth buying," the Journal notes. "Even Wal-Mart, a company known for Spartan operations, spent billions in remodeling in recent years."
The article doesn't differentiate between internal and external maintenance but the point is clearly made that an updated property attracts customers (and renters) while a poorly maintained property does not.