Sears Holding (NASDAQ:SHLD) has a lot of potential to live up to its new moniker of "misunderstood value turnaround." The company is seen with deeply undervalued real-estate assets, which could be unlocked if the company creates a better retail experience and, by proxy, increases the value of the surrounding real estate. 

However, Sears hasn't been the best allocator of capital in recent years, and it doesn't seem to have a comprehensive turnaround roadmap like its other turnaround relative, J. C. Penney (NYSE:JCP).

I see Sears likely leaving most of its potential on the table and disappointing investors going forward.

Austin Smith has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Motley Fool newsletter services recommend The Home Depot and Lowe's Companies. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.