Kmart's Ten Deadly Sins: How Incompetence Tainted an American Icon

Kmart's Ten Deadly Sins: How Incompetence Tainted an American Icon

Kmart's Ten Deadly Sins: How Incompetence Tainted an American Icon

Kmart's Ten Deadly Sins: How Incompetence Tainted an American Icon

Synopsis

Advance Praise'It's not a pretty story, but it is a well-told story of the decline and fall of Kmart, the discount chain that pioneered the new category that brought us Wal-Mart. Every would-be entrepreneur should read this cautionary tale.'-Al Ries, Chairman, Ries & Ries'A well-written comparative analysis of why Kmart failed and Wal-Mart continues to thrive. The management lessons found in the book can be widely applied.'-Eugene H. Fram, J. Warren McClure Research Professor of Marketing, Rochester Institute of Technology

Excerpt

Where did Kmart go wrong? That is the central question I try to answer in Kmart's Ten Deadly Sins, for myself and others seeking to understand how an industry pioneer became a laggard.

The answers I found are varied. Some reasons for the company's poor financial health are due to troubles decades ago, while others are very recent. Some can be traced to a particular CEO's misstep, while others appear to be related more to miscommunication throughout the organization. Some reasons are due to pure stupidity, while others might have made perfect sense at the time.

In the end, Kmart went wrong in a number of areas. I've identified ten that I believe account for a large portion of the company's challenges, but those ten are not all-encompassing. They are a framework, however, for evaluating other decisions, initiatives, and moves the company has made.

Through interviews with industry veterans, retail gurus, financial analysts, thought leaders, professors, former employees, supplemented with thousands of pages of reports from newspaper articles, magazine articles, books, websites, news-

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