The American department store was supposed to be dead by now.
That was the consensus. Malls emptied. Anchors closed by the hundreds. The famous names went bankrupt, got bought, got carved up, or limped along on discount racks and going out of business banners that never quite finished going out of business.
And then there is one in Little Rock, Arkansas that kept going.
Not by being trendier. Not by reinventing itself as a lifestyle brand. Not by getting bought by a private equity firm with a turnaround plan.
It survived because of something much less exciting and much more powerful.
It owns its buildings.
Most of them. Outright. Plus the distribution centers, plus the headquarters, plus an enormous fulfillment facility.
That single fact explains almost everything about why this company is still standing while its competitors are not, and it is one of the best financial lessons in American retail.