A Better Region 8: Sears files for bankruptcy

A Better Region 8 - Sears Bankruptcy - 10/18/18

JONESBORO, AR (KAIT) - I remember growing up - it was about this time of the year that the Sears Christmas catalog would arrive.

My brothers and I would all circle - in different color ink - all of the things we wanted for Christmas.

Today, that tradition has been replaced by the Amazon wish list and gift registry.

That's why it's no surprise that Sears, once the Amazon of its day, filed for Chapter 11 bankruptcy protection this week.

There's a lesson to learn from Sears: keep up with the times or become extinct. It's that simple. Sears created an amazing business model that worked in the 19th and 20th centuries.

But as new technologies came along that changed consumers' buying habits, Sears did not change its approach or change quickly enough.

What's working for Amazon today may not work just a few years from now. It will also have to change to remain relevant.

President Kennedy once said – Change is the law of life. And those who look only to the past or present are certain to miss the future.

In business, as in life, we have to adapt our behavior and way of thinking about the world around us if we are to be successful in it.

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