The retail market continues to evolve and force “department stores” to make changes or face possible closure. Traditional chains like Sears, and JCPenney have already been forced into bankruptcy, while motivating brands likes Kohl’s to look for new ways to connect with its customers.
Kohl’s has announced that it will introduce some changes that it hopes will reinvigorate sales, promote its omnichannel approach, and improve its position in today’s retail market.
These changes include:
- Add Sephora mini-shops to 75% of its stores
- Opening 100 new Kohl’s stores in the next four years – half the size of its current stores, supporting continued omnichannel growth
- Enhancing Kohl’s Card rewards benefit to 7.5% everyday
- Launching of self-serve buy online, pick up in store to all stores
- Committing to net zero emissions by 2050
“Kohl’s is undergoing a significant transformation of our business model and brand to be the retailer of choice for the Active and Casual lifestyle. We have fundamentally restructured our business to drive sustainable and profitable growth, while providing a strong return to shareholders,” said Michelle Gass, Kohl’s chief executive officer.
Kohl’s says it is evolving to be a focused lifestyle concept, centered around the Active and Casual lifestyle., and is modernizing its brand and offerings to fit the unique needs for how people are living today and for the future.
Kohl’s stock bounced back on Tuesday after the department-store chain announced on Monday that it had attracted more than 20 potential suitors, reigniting hope that a sale of the business is still possible.
