I worked for Sears up until about a year ago. Salaries are OK (or at least they were when I started). Raises aren't much. The company is going to more of a "Pay for performance" model, relying more on bonuses than raises to reward people. Bonuses sound nice if you are in a part of the business that is doing well, like Home Services where I worked. Not always good for other parts, like the retail part of the business. Pay for performance also keeps their costs down because base salaries are kept low, slowing down the pace of salary increases over time.
They have been cutting back on benefits the last few years, citing that they need to do so to be competitive with Wal-Mart and other big box retailers. That in essence said to me that Sears really saw the industry benchmark as mediocrity. I understood that they needed to take steps to survive, but I didn't want any part of that sort of attitude. While not the primary reason for my leaving, it was a factor.
Travel really varies depending on position. I personally didn't have to travel that often.