It has a card slot and internal Flash storage, but I cannot tell from the Sears listing exactly what those are. As you might be able to tell from the screen, this ereader was originally designed by Gajah. That means it will have a decent reading app, decent battery life, and at the current price it's certainly worth buying. This ereader will likely also have decent video and audio ability and the several Gajah ereaders that I have reviewed all had broad audio, video, and ebook format support.
The ER-701 also comes tied to the Kobo ebookstore. I'm not sure how that works; this device does not have Wifi so there's no built-in ebookstore. It probably ships with the installer for the Kobo desktop app, and you can use that to download ebooks.
If you're looking for something basic then this is a serious contender.