Kohl’s said this week it planned to shrink its traditional store format to expand its reach in smaller markets, according to a quarterly earnings presentation.
The new store format is expected to roll out in 100 new locations over the next four years.
There are 38 Kohl’s stores in New Jersey, however specific locations have not yet been disclosed.
“We are looking forward to sharing with you how we are evolving Kohl’s into a focused lifestyle concept with a clear mandate on driving profitable growth,” CEO Michelle Gass said during the presentation.
Department store chains such as Kmart, Sears and JCPenney have seen their footprint significantly reduced in recent years between bankruptcies and store closings, as Amazon and Walmart have evolved and taken over the shopping industry.
Kohl’s has been trying recently to “draw new and younger customers,” notably since it announced a partnership in 2020 with Sephora that has led to mini beauty shops inside hundreds of stores.
Kohl’s said it will expand its Sephora mini-shops into 400 more stores this year, while aiming to add 250 more by 2023.
The immediate reaction, however, was not great for Kohl’s — shares dropped 13% Monday before rebounding a bit on Tuesday.
During the earnings presentation, Kohl’s also said top brands such as Levi’s, Vans, Ninja, Koolaburra by UGG, LEGO and Hurley have been outperforming expectations.
In-house brands Tek Gear, Sonoma and SO have thrived, too, the company said.
As for online sales, you can currently get 20% off at Kohl’s through March 10 when you use promo code “GET20″ at checkout.
RELATED STORIES ABOUT RETAIL AND SHOPPING:
I tried bamboo sheets for the first time. Here’s why you should buy them.
The best massage guns to buy in 2022, according to reviews
Samsung’s new smart TV for 2022 is now available for pre-order
Please subscribe now and support the local journalism YOU rely on and trust.
Nicolette Accardi covers the online shopping industry, writing about commerce, daily deals and tips. She can be reached at naccardi@njadvancemedia.com. Follow her on Twitter: @N_Accardi.