On November 11, 2024, World Shopping Day is celebrated, which rivals the famous «Black Friday» in popularity. For 15 consecutive years, online shops have been hosting massive sales.
«Glavkom» prepared the history of the holiday’s inception and told about the company Sears, which more than a century ago served as a role of modern online platforms.
How World Shopping Day Started
The holiday originated in China in 2009. The Alibaba Group held an event on the Taobao Mall online platform, which they called «World Shopping Day». The discounts were dedicated to Singles’ Day – a holiday when single people can treat themselves with purchases.
In 2013, the Alibaba Group platform set a new record for online sales, earning $5.8 billion in one day. Thus, «Shopping Day» surpassed «Black Friday» in scale.
A hundred years ago, the role of modern sites like Amazon was filled by bulky mail-order catalogs, where buyers could find a wide range of products – from weapons to soap. Dozens of companies competed in the sales market, but the strongest among them was the American Sears, Roebuck and Co. (known simply as Sears).
The History of Sears
The company Sears was named after its founders – Richard Sears and Alvah Roebuck. Their joint venture began in 1886 when Sears placed an ad in the newspaper, looking for a watchmaker. The partners founded Sears Watch Company to sell watches by mail, and within a few years, the business became successful. Subsequently, in 1893, the enterprise turned into Sears, Roebuck and Co.
The company developed voluminous mail-order catalogs that offered everything – from watches to guns. Thanks to affordable prices and a large assortment, they gained popularity. Catalogs especially gained favor among farmers in rural areas, where access to shops was limited. This made Sears a leader in remote sales in the USA.
Thanks to the contribution of Julius Rosenwald, who bought out Alvah Roebuck’s share, the company continued to grow. By 1900, Sears’ revenue reached $10 million, and another five years later – $38 million. In 1906, the company held its first public stock sale, attracting $40 million. This allowed the construction of a large complex in Chicago, where thousands of orders were processed daily.
Eventually, Sears began manufacturing its products: Kenmore household appliances and Craftsman hand tools. The company also offered unique products, such as kit homes, which were in high demand.
In 1924, under the leadership of General Robert Wood, the company opened its first department store to capture urban residents. Sears quickly grew to 300 stores. In 1931, retail sales surpassed mail-order sales for the first Time.
The golden era of Sears lasted until the 1980s. A symbol of this era was the Sears Tower, built in 1973, which was the tallest building in the world for 25 years. However, in 1991, Sears was overtaken by Walmart as the largest retail network in the US. The company ceased catalog production and began selling off assets.
In 2018, due to failures to adapt to new market conditions, the company declared bankruptcy. Although Transformco acquired Sears in 2019 intending to preserve the network, most stores closed by 2021. Thus ended the era of a company that was once a symbol of American commerce.
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