Kohl's is defying the retail meltdown — and it's more proof that malls are dying (KSS)

pulse

August 10, 2017 5:53 PM

Kohl's reported promising earnings today and despite New York Stock Exchange declines, the news appears to be optimistic.

Kohl's is

Kohl's is defying the retail apocalypse.

Department stores have been shutting down hundreds of stores following years of declines in sales and traffic.

Kohl's same-store sales were virtually flat in the most recent quarter, following a 1.8% decline in the period last year.

The company's quarterly profit jump 48% and executives said transactions, which is a measure of traffic, grew in July — indicating positive momentum heading into the critical back-to-school shopping season.

Meanwhile Macy's, which is closing 68 stores this year, said Thursday its same-store sales fell 2.5% and transactions dropped 5.5%.

Kohl's has managed to improve traffic without closing a ton of stores because it's somewhat immune to the massive drop-off in foot traffic to malls.

Nine out of 10 Kohl's stores are located in suburban strip malls and other areas away from enclosed shopping malls, many of which have been decimated by falling traffic,

"You should not expect to hear anything about store closures this year," Besanko said.

pulse

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng