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Kohl’s plans to add beauty retailer Sephora in more locations.
(Photo by Bruce Bennett/Getty Images)
Kohl’s
When the company unveiled plans to increase store spending on Wednesday, it said it would open about 100 smaller stores in new markets.
The stock rose 12 percent to $40.59 on Wednesday.Reuters reports that bidders are racing to acquire
Kohl’s
are preparing to make binding offers that are at least 10% to 15% lower than the offers they submitted earlier this year, reflecting the market downturn and the U.S. retailer’s deteriorating business.Bidders include private equity firm Sycamore Partners, brand holding company
Franchise Group
,
Simon Property Group
and
Brookfield Asset Management
,
According to Reuters.
Kohl’s (ticker: KSS) said that over the next three years it will increase investments to “improve the store experience for customers and employees,” including adding beauty retailer Sephora to 850 stores by 2023. Over the next four years, Kohl’s said the company also added about 100 new smaller stores in “a previously untapped market for Kohl’s brick-and-mortar stores.”
Kohl’s didn’t say how much it planned to spend, but said the funds would be used to open and remodel stores and enhance its omnichannel sales capabilities.
“Kohl’s started as a brick-and-mortar company, and these 60 years of experience have made the company a leading omnichannel retailer,” said Mark Griepentrog, Kohl’s chief property officer. “Our strong and productive non-mall store base can continue to grow with our customers’ expectations and needs, and we see substantial opportunity to leverage our properties for long-term growth.”
Write to Angela Palumbo at [email protected]
