Kohl’s recently released its earnings report — followed by a company announcement that it would be closing 18 of its stores.
Retail’s big shift
Retail is experiencing a significant shift lately. National retailers have had to adjust to the rise of the budget-conscious shopper that is always looking for a bargain, coupled with an upward online sales trend and heavy competition in the discount retail space.
News broke about two weeks ago that athletic store Sports Authority went bankrupt and was restructuring in an attempt to recover. Sports Authority also plans to close 140 of its stores, while Walmart made an announcement it was going to close 269 of its stores.
But as for Kohl’s, though sales were strong between Thanksgiving and Christmas, the company had a slightly difficult time in early November and January.
‘I am particularly encouraged by the 4% increase we saw between Thanksgiving and Christmas. At the most competitive time in retail, customers were choosing Kohl’s,’ said Kevin Mansell, Kohl’s chairman, president and chief executive officer.
He continued, ‘This strength, however, was substantially offset by softness in early November and in January when demand for cold-weather goods was especially low, resulting in a quarterly comparable sales increase of 0.4%, which was below our expectations.’
Kohl’s locations that are closing
According to Fox 6 News Milwaukee, the following affected stores will be closed as of June 19, 2016:
- Arcadia, CA – 7279 N. Rosemead Blvd. San Gabriel, CA
- Cypress, CA – 10201 Valley View St., Cypress, CA
- Ladera Ranch, CA – 27426 Antonio Parkway, Ladera Ranch, CA
- Mira Mesa, CA – 8140 Mira Mesa Blvd., San Diego, CA
- Rancho Cordova, CA – 11051 Olson Drive, Rancho Cordova, CA
- Santa Ana, CA – 1351 W. 17th St., Santa Ana, CA
- San Jose East, CA – 2323 McKee Road, San Jose, CA
- Upland South, CA – 233 S. Mountain Ave., Upland, CA
- West Hills, CA – 6651 N. Fallbrook Ave., West Hills, CA
- Hialeah, FL – 700 W. 49th St., Hialeah, FL
- Tallahassee, FL – 6785 Thomasville Road, Tallahassee, FL
- Holcomb Bridge, GA – 2342 Holcomb Bridge Road, Roswell, GA
- Lithonia, GA – 2929 Turner Hill Road, Lithonia, GA – Note: The Lithonia, GA store will close November 1, 2016.
- Northlake Mall, GA – 4820 Briarcliff Road, Atlanta, GA
- Saint Charles, IL – 3840 E. Main St., Saint Charles, IL
- Pineville, NC – 9579 S. Blvd., Charlotte, NC
- Princeton, NJ – 200 Nassau Park Blvd., Princeton, NJ
- Brown Deer, WI – 9060 N. Green Bay Road, Brown Deer, WI
- Holcomb Bridge, GA – 2342 Holcomb Bridge Road, Roswell, GA — Closing June 19, 2016
- Lithonia, GA – 2929 Turner Hill Road, Lithonia, GA – Closing November 1, 2016
- Northlake Mall, GA – 4820 Briarcliff Road, Atlanta, GA — Closing June 19, 2016