We have a Kmart and Sears nearby and try to use them both. The Kmart still has the same insanely slow checkouts that have persisted at least since the 80s and through three states for me. The Sears has had the mall torn down around it but it still looks like it just had a fresh new renovation in '15. 1915.
Like many of these companies(waves to Radio Shack), they were in a prime position to succeed in today's economy, but sat back on their heels instead.
Like others mentioned, they already had a HUGE infrastructure setup in place. Free in store pickup, especially if it was done quickly, and actually staffed (to their credit, Sears is actually pretty good at this), especially before Amazon Prime? Oh man.
Location? Heck, they own and owned so much prime real estate. Same with RS - could imagine if RS had gone to a format with plenty of the old parts (caps, breadboards, soldering kits, etc) but added a focused selection of PC gear instore, great website availability with free ship-to-store, and to top it off, paid to have some crazy about tech employees in there.
The Sears near us has TWO floors still. They could literally turn that place into a completely enclosed micro-mall if they wanted to. Let stores fight it out with food offerings. Let the UPS Store set up so your gifts go directly to gift wrap and shipping. Narrow down the in store options, but have some usable kiosks and website for so much more.
It's just mind boggling how "merrr let's just keep doing the same dumb thing, I have an MBA" some of these people are. Of course, it's pretty much just gnaw on bones of carcass, sell to next investment group, watch them gnaw some more out of the corpse...