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Chicago Tribune
November 20, 1999
Column: INSIDE RETAILING.
DEEP DISCOUNT FOR SEARS' PLANS
Author: Susan Chandler.
Edition: CHICAGO SPORTS FINAL
Section: BUSINESS
Page: 2
Index Terms:
BUSINESS
BRIEFS
Article Text:
It must be New Math. How else can city officials explain how a $30
million commitment by Sears, Roebuck and Co. to
renovate its six Chicago stores could shrink to $12 million?
Mayor Richard M. Daley himself boasted about the $30 million figure on
the September day he announced the city was
providing $9 million in taxpayer-funded assistance to Sears to build a
new store on State Street.
The quid pro quo was all part of City Hall's attempt to drive a hard
bargain with Sears, which requested about twice as much
public money as the city originally expected.
Yet somehow, when the Sears financial assistance package came before
the City Council Finance Committee for approval
this week, Sears was only committing to spend $12 million.
The math goes like this, City Hall officials explained. Sears is getting
credit for $18 million it already spent renovating its
Chicago stores from 1993 to 1999. So $30 million minus $18 million is
$12 million.
Don't worry, they assured the skeptical City Hall press corps. Sears will
spend the full $30 million on those stores anyway; it
just doesn't want to be on the hook for it.
Considering how Sears has missed its earnings targets and fumbled its
retail turnaround lately, no wonder.
Psychic elf: Every mall has its Santa Claus during this time of year to
delight children and help parents figure out what the
kiddies have their hearts set on.
Gurnee Mills is marching to the beat of a
different drummer boy.
The giant outlet mall in far north suburban
Gurnee has hired a psychic. Clairvoyant
Joanna Ammons will be on hand
Saturday afternoons from Nov. 27 to Dec. 18
to help clueless shoppers read the minds of
those hard-to-please types on the
gift list.
"Who doesn't have someone on their list who
is hard to shop for?" said Peg LaFond,
general manager of Gurnee Mills. "Ms.
Ammons has a remarkable record for
accurately predicting future events and
discerning personal preferences."
The Psychic Aid Station at Gurnee Mills is
located in Grange Hall, near Bed Bath &
Beyond. Readings are free to shoppers.
But Ammons won't be available to help with
returns.
Mama Martha: Many things come to mind when the name Martha
Stewart is mentioned. Extravagant weddings. Turkeys
wrapped in pastry. Perfectionist. Newly minted billionaire.
Maternal, however, doesn't make that list.
Nevertheless, Kmart Corp. is expanding its very successful Martha
Stewart line of home accessories and linens to include
baby stuff.
The new line offers everything from soft cotton crib sheets and baby
bumpers to hooded bath towels. There is even a set of
burp cloths, each embroidered with the day of the week.
Warning to new moms: It's definitely a Martha no-no to burp on Friday
with a cloth that says Monday.
On the move: Eric Lane has been promoted to director of e-business for
TruServe Corp., the Chicago-based hardware
co-op owned by 10,000 independent retailers.
Lane, a Lisle resident, will have his hands full. Giant Internet retailer
Amazon.com recently began selling home improvements
on-line and Home Depot Inc. is planning to launch its own e-commerce
site next spring.
----------
Estimated printed pages: 2
November 20, 1999
Column: INSIDE RETAILING.
DEEP DISCOUNT FOR SEARS' PLANS
Author: Susan Chandler.
Edition: CHICAGO SPORTS FINAL
Section: BUSINESS
Page: 2
Index Terms:
BUSINESS
BRIEFS
Article Text:
It must be New Math. How else can city officials explain how a $30
million commitment by Sears, Roebuck and Co. to
renovate its six Chicago stores could shrink to $12 million?
Mayor Richard M. Daley himself boasted about the $30 million figure on
the September day he announced the city was
providing $9 million in taxpayer-funded assistance to Sears to build a
new store on State Street.
The quid pro quo was all part of City Hall's attempt to drive a hard
bargain with Sears, which requested about twice as much
public money as the city originally expected.
Yet somehow, when the Sears financial assistance package came before
the City Council Finance Committee for approval
this week, Sears was only committing to spend $12 million.
The math goes like this, City Hall officials explained. Sears is getting
credit for $18 million it already spent renovating its
Chicago stores from 1993 to 1999. So $30 million minus $18 million is
$12 million.
Don't worry, they assured the skeptical City Hall press corps. Sears will
spend the full $30 million on those stores anyway; it
just doesn't want to be on the hook for it.
Considering how Sears has missed its earnings targets and fumbled its
retail turnaround lately, no wonder.
Psychic elf: Every mall has its Santa Claus during this time of year to
delight children and help parents figure out what the
kiddies have their hearts set on.
Gurnee Mills is marching to the beat of a
different drummer boy.
The giant outlet mall in far north suburban
Gurnee has hired a psychic. Clairvoyant
Joanna Ammons will be on hand
Saturday afternoons from Nov. 27 to Dec. 18
to help clueless shoppers read the minds of
those hard-to-please types on the
gift list.
"Who doesn't have someone on their list who
is hard to shop for?" said Peg LaFond,
general manager of Gurnee Mills. "Ms.
Ammons has a remarkable record for
accurately predicting future events and
discerning personal preferences."
The Psychic Aid Station at Gurnee Mills is
located in Grange Hall, near Bed Bath &
Beyond. Readings are free to shoppers.
But Ammons won't be available to help with
returns.
Mama Martha: Many things come to mind when the name Martha
Stewart is mentioned. Extravagant weddings. Turkeys
wrapped in pastry. Perfectionist. Newly minted billionaire.
Maternal, however, doesn't make that list.
Nevertheless, Kmart Corp. is expanding its very successful Martha
Stewart line of home accessories and linens to include
baby stuff.
The new line offers everything from soft cotton crib sheets and baby
bumpers to hooded bath towels. There is even a set of
burp cloths, each embroidered with the day of the week.
Warning to new moms: It's definitely a Martha no-no to burp on Friday
with a cloth that says Monday.
On the move: Eric Lane has been promoted to director of e-business for
TruServe Corp., the Chicago-based hardware
co-op owned by 10,000 independent retailers.
Lane, a Lisle resident, will have his hands full. Giant Internet retailer
Amazon.com recently began selling home improvements
on-line and Home Depot Inc. is planning to launch its own e-commerce
site next spring.
----------
Estimated printed pages: 2
