Kohl's to downsize to smaller real estate

Kohl's store front
Image: Mike Mozart/CC BY 2.0

Kohl's executives announced that they will continue to downsize the department store's square footage, as it looks for opportunities to move into smaller spaces. The retailer closed 19 stores in 2016, and CEO Kevin Mansell said that trading in some of the larger properties will help the chain maintain its presence yet move into profitability. As more of the chain's sales shift to the web, Kohl's has been testing a 35,000-square-foot version, while a typical store measures 80,000 to 90,000 square feet. Yet Mansell insists a physical store presence is still essential to keeping online and offline shoppers. (CNBC)