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This year has been rough on some major national chains. Retailers like Bed, Bath & Beyond, Tuesday Morning and Christmas Tree Shops have declared bankruptcy and shuttered all of their locations, while Sears, Pizza Hut, CVS, Walgreens and Boston Market are closing down stores and restaurants as a cost-cutting measure. But one company is handling the current economic climate a little differently - Kohl's.
Kohl's has made a name for itself as a large department store with a big footprint that fits the many different products they offer, however, you will soon see Kohl's locations that look nothing like that.
The company's new CEO, Tom Kingsbury, revealed plans to open locations that are less than half the size of typical Kohl's stores. Rather than the sprawling 80,000 square feet customers are used to, the stores will be a much smaller 35,000 square feet. The locations will be tailored to shoppers' needs and will sell localized merchandise, but they will still offer the bargains that customers expect from the company.
The hope is to have 100 of the smaller Kohl's open by 2026, and one is set to debut in downtown Milwaukee in the coming months, with seven more opening across the country by the year's end. Kingsbury explained to investors on an earnings call recently that the smaller stores will help with the brand's long-term growth.
Meanwhile, established Kohl's locations will be reducing manned checkout lanes and adding in more self-checkout lanes to make shopping experiences quicker. They'll also feature home goods and gifts at the front of the stores and they'll have more seasonal items, wall art, outdoor gear and patio furniture.
While there are many changes coming to the stores, unlike many of their competitors, the company said one thing that currently isn't in the cards is downsizing. Instead, they are focusing on upgrading current locations with more appealing appearances and merchandise.