Kmart to close its final U.S. store—find out its location here.

Kmart is preparing to close its last large retail location in the contiguous United States, as confirmed by employees speaking to CBS MoneyWatch. This marks a significant moment in the decline of what was once a leading discount retailer in America.

The closure will take place at the Bridgehampton Commons mall in Bridgehampton, New York, on October 20. According to two employees at the store, this will be the final full-size Kmart outlet remaining in the country. Kimco Realty, the company that owns the Bridgehampton Commons property, has also verified Kmart’s departure from the shopping center.

A spokesperson for Transformco, the company that owns Kmart, has yet to respond to requests for further details regarding the closure.

While Kmart will shut down its New York location, the retailer plans to continue operating a smaller format store in Miami, Florida. Additionally, Kmart still has a presence in Guam and the U.S. Virgin Islands.

The history of Kmart dates back to 1962 when it opened its first store in Garden City, Michigan. Two decades ago, the chain boasted approximately 1,400 stores throughout the United States. However, as competition increased from big players like Walmart and Costco, as well as the rise of online shopping, Kmart began to struggle with declining sales.

An attempt to reverse the company’s fortunes came in 2005 with an $11 billion merger with Sears, another declining retail brand. This merger, orchestrated by hedge fund manager Eddie Lampert, failed to stabilize the company’s situation.

The challenges faced by Kmart are indicative of a larger trend in the retail sector, where many brick-and-mortar establishments have been closing their doors. In 2023 alone, a number of retailers, including Bed, Bath & Beyond, Rite Aid, CVS Health, and Foot Locker, collectively shut down around 4,600 stores. This represents an 80% increase in closures compared to the previous year.

The retail landscape continues to evolve, with e-commerce and changing consumer habits prompting companies to reassess their strategies. Kmart’s decline serves as a reminder of the fierce competition in the retail industry and the need for companies to adapt to survive.