Kmart in Mount Pleasant will close Sunday after nearly 35 years in business, leaving behind questions of what will replace the 87,000-square-foot retail space.

A liquidation sale for the superstore at 1551 Johnnie Dodds Blvd. will be held throughout the week to sell off its remaining inventory, which has been marked down to as much as 80 percent off.

Daniel Island-based Grove Property Fund LLC bought the 17-acre site in 2011 for $5.5 million with other partners.

The owners have met with the Mount Pleasant Planning and Development Department to discuss permitted uses for the property, but site plans have not been submitted for the town's approval, according to Mayor Linda Page.

"It's a wonderful piece of property, and the developer is really very respected in this community, and whatever he brings in is going to be an exciting reuse of the property," Page said.

When the store goes dark, the Charleston area will be left with three Kmart stores: in Ladson, North Charleston and West Ashley.

Parent company Sears Holding Corp., which owns Sears and Kmart, has closed about 300 of its stores since 2006 in an effort to shed its least successful locations.

In its latest quarterly report, the company said that although the closures are a disappointment, "there are several benefits that come with closing poorly performing stores."

The closures relieve the company of its performance-based lease agreements, and the liquidation sales generate quick cash, the report said.

Reach Abigail Darlington at 937-5906 and follow her on Twitter @A_Big_Gail