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Kohl's Corporation Essay

1717 words - 7 pages

According to the Kohl’s Corporation Hoover Report (2014), in the late 1920s, a man named Max Kohl opened a grocery store in Milwaukee, Wisconsin (Hoover Report, 2014, pg. 9). By 1938, Max and his three sons had developed his store into a successful chain and incorporated the business. Max Kohl had experienced enough success by 1962 that he opened a department store right next to his Kohl’s grocery store. In 1972, Max Kohl and his family’s “65 food stores and five department stores were generating about $90 million in yearly sales” (pg. 9) In the same year, the British American Tobacco’s Brown & Williamson Industries (BATUS) purchased 80% of the Kohls’ two operations. Six years later, BATUS proceeded to purchase what remained of Kohl’s. In the early 1980s, BATUS decided that “Kohl’s discount image did not fit in with BATUS’s other retail operations” and decided to ultimately separate the two operations in order to put them up for sale (pg. 9). The president and chief executive officer at the time, William Kellogg, “and two other executives, with the backing of mall developers Herbert and Melvin Simon, led an LBO (leveraged buy-out) to acquire the chain’s 40 stores and a distribution center” (pg. 9). By the time Kohl’s managed to go public in the year 1992, they “had 81 stores in six states, and sales topped $1 billion” (pg. 9). At this time Kohl’s began its expansion and within the next five years managed to top sales at two billion dollars. Kohl’s then “acquired a former Bradlees store to enter New Jersey and opened stores in Washington, DC; Philadelphia; New York; and Delaware” (pg. 9). The following year Kohl’s managed to expand into Tennessee by adding new stores. The company named Larry Montgomery CEO in 1999 and shortly thereafter purchased “30 stores from bankrupt Caldor (mostly in the New York City area) and reopened them as Kohl’s in 2000” (pg. 9). Kohl’s managed to expand themselves into “one of the fastest-growing and most successful US department store chains in the last decade” (pg. 9). Although Kohl’s was quickly becoming very successful in the department store arena, they ran into a few issues on their way. In 2003, they excess inventory that was “built up based on previous years of strong sales” (pg. 9). Their sales decreased by 1.6% which indicated that their expansion slightly bottomed out. After this, Kohl’s decided to start a new line of clothing to compete with the likes of Banana Republic and Perry Ellis. Their Apt. 9 brand was designed to appeal the middle class customer. In 2007, Kohl’s decided to offer more products online that were “not generally available in its stores” (pg. 9); these products include many home furnishings, dinnerware, electronics, and children’s toys. Later in the year, Kohl’s expanded its athletic department striking a deal with Fila. This agreement led to an exclusive deal to sell athletic “apparel, footwear, and accessories for women, men, and children” (pg. 9). Also, this deal is...

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