Amidst new concerns about slumping sales at established retail giants, Kmart has announced it is closing its store at the Gallery at Market East in center-city Philadelphia as well as its Philadelphia location at 900 Oxford St. The Gallery store has 120 employees and Orthodox Street has 169 workers.
The Gallery store is right smack in the middle of the multi-block urban mall that dominates Philadelphia's Market St. from 8th St. to 11th St. It's closure will leave a huge gap in the shopping district.
Kmart is part of Sears which has suffered in recent years.
Last week Sears announced it would give up the second level of its store in King of Prussia Mall to make way for Dick's Sporting Goods.
Penney's has also announced a new round of store closings including its store at Burlington Mall. Penney's is restructuring in an effort to avoid going out of business.
And Macy's is closing stores and consolidating as well.
Certainly not a rosy economic picture.