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Appliance retailer Sears, Roebuck and Co. announced the establishment of a new, expanded leadership position of president of Sears Retail. The new role reflects the next phase of the company's growth strategy, including Sears' recently announced accelerated expansion off-mall.
The new position will include responsibility for all existing U.S. Sears Full-line and specialty retail stores and leadership of the company's new off-mall growth agenda. Sears expects to operate approximately 70 new off-mall stores by the end of next year, including 12 to 14 Sears Grands and a new mid-size format that was announced with Sears' planned acquisition of up to 54 Kmart stores and seven Wal-Mart stores. In addition, the business president will oversee merchandising, supply chain management, and marketing.
Sears will immediately commence an external search for the position. Alan J. Lacy, Sears chairman and CEO will perform the functions of the position on an interim basis while the search is being conducted.
"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," Mr. Lacy said.
Sears also announced that Mark S. Cosby, executive vice president and president of Full-line stores, is leaving the company to explore other opportunities, effective immediately.
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