I am a former shareholder of Kmart stock, a former retail marketing executive and a resident of Pinehurst.
You are about to close your unit in nearby Southern Pines for operating and lease reasons and to help you move from bankruptcy. Having been involved in corporate downsizing I can appreciate what you guys are going through. It ain’t easy.
However, I think you may have overlooked one key element in your consideration of the Southern Pines unit, and that is the incredible growth in this area. Not low-income units or trailer-park homes, but high-value residential and commercial real estate. In Pinehurst alone, there is virtually a new home going up on every street. Soon every single lot facing a golf course or the lake will be built upon. These are typically in the $350,000–$600,000 range. At a time when you’re planning to leave this booming area, a new $23 million shopping center is being planned for Midland Road in Pinehurst.
This dynamic growth in this vibrant community and these solid demographics promise new business and growth for your unit if you stay.
I suggest you take a second look at this unit before terminating your lease. It may have far more promise than you may have factored into the equation. And it seems to have a well–motivated work force that has been loyal to Kmart and would be very pleased to work with you in solving your financial problems. It also has a customer base that would love to see you remain.
Paul R. Dunn
Pinehurst
