In my hometown the new K-Mart put the Ames out of business in the 90's. It had about a 5 year heyday until Walmart bullied their way in, then the K-Mart parking lot was forever empty. I can only assume this played out the same way over and over in small towns. And Target, which is really just a cleaner newer K-Mart, ate their lunch in more urban areas. Online shopping ensured there wouldn't be a big enough market for everyone.
Everything has a shelf life, and now all those shiny Targets from 20 years ago are looking pretty K-Marty I have to say.