Retail Failures Finally Arrive in Middle TN

Retail Failures Finally Arrive in Middle TN

Thursday, Milwaukee based retail store Kohl’s announced it was closing 18 underperforming stores. The specific locations won’t be announced until the end of the March. There are two local Kohl’s locations– at 300 Spring Creek Drive, in Franklin and 1020 Crossings Blvd in Spring Hill.

Kohl’s has 1,164 stores in 49 states. The 18 stores, representing less than one percent of total sales. The closures are expected to generate annual SG&A savings of approximately $45 million and annual depreciation savings of approximately $10 million

Despite the closures, Kohl’s is looking at more innovative ways to drive sales. In 2016, Kohl’s plans to:

• Pilot a new smaller format Kohl’s store, opening 7 of these stores in various regions around the country
• Add 2 additional Off-Aisle pilot stores in Wisconsin
• Open 12 Fila outlet stores, which will mark Kohl’s first entry into the outlet space

CEO Kevin Mansell acknowledged these planned store closures represent what is likely the first time in the company’s 52-year history as a department store that it is closing multiple stores at a time. CFO Wes McDonald went on to say that Kohl’s has only shuttered about five locations since he joined in 2003, reports nbcnews.com.

Due to online shopping, Kohl’s is just one of many large retail stores who find themselves closing stores or, as in Kohl’s case, finding alternative ways to drive sales.

Here’s a look at some other national retail closings: (continue reading at Williamson Source)

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