Kohl’s focusing on smaller stores, looking at all options for new headquarters
New York City -- Kohl’s Corp. is looking to focus on smaller stores as it continues to expand across the country, chairman and CEO Kevin Mansell said in remarks following the company's annual meeting Thursday, according to The Business Journal.
The chain expects to open about 40 stores this year, and 30 of them will be smaller models. Kohl’s smaller footprint generally averages about 60,000 sq. ft. as compared with 90,000 sq. ft. for a typical store, the report said.
Mansell said the increase in online shopping, along with more efficient operations and layout, has led Kohl’s to focus on the smaller stores. Also, the smaller footprint is better suited for densely populated urban areas.
The report also said that Kohl’s is looking all options, including moving out of its current home base of Menomonee Falls, Wis., as it searches for land for a new headquarters. The company has not set a timeline for when it hopes to build a new facility.
The retailer employs about 5,000 employees at its corporate headquarters, a number that has tripled or quadrupled in the last 10 years, Mansell said. The company wants to build new headquarters that look 10 to 20 years down the road and offer room for further expansion even after the headquarters are built.