Kohl’s focusing on smaller stores, looking at all options for new headquarters
New York City — Kohl’s Corp. is looking to focus on smaller stores as it continues to expand across the country, chairman and CEO Kevin Mansell said in remarks following the company’s annual meeting Thursday, according to The Business Journal.
The chain expects to open about 40 stores this year, and 30 of them will be smaller models. Kohl’s smaller footprint generally averages about 60,000 sq. ft. as compared with 90,000 sq. ft. for a typical store, the report said.
Mansell said the increase in online shopping, along with more efficient operations and layout, has led Kohl’s to focus on the smaller stores. Also, the smaller footprint is better suited for densely populated urban areas.
The report also said that Kohl’s is looking all options, including moving out of its current home base of Menomonee Falls, Wis., as it searches for land for a new headquarters. The company has not set a timeline for when it hopes to build a new facility.
The retailer employs about 5,000 employees at its corporate headquarters, a number that has tripled or quadrupled in the last 10 years, Mansell said. The company wants to build new headquarters that look 10 to 20 years down the road and offer room for further expansion even after the headquarters are built.
Superdry expanding U.S. footprint
New York City — Britain’s trendy fashion brand Superdry plans to open three stores in the United States by July.
New stores are slated to open at Valley Fair, Santa Clara, Calif., in late May; at the South Street Seaport in Manhattan in June; and at Mall of America, in Bloomington, Minn., in July.
The company, which hopes to open 10 to 12 stores a year over the next four years, would like to open additional stores in the Los Angeles, Boston, Chicago and Miami markets, according to Women’s Wear’s Daily.
Fameco opens office in Philadelphia
Plymouth Meeting, Pa. — Fameco Real Estate is opening an office in Center City, Philadelphia, to better accommodate the growth of its clientele in the market.
Fameco will be fully operational in the center city office at 1425 Walnut Street in early June. Fameco partners Jeffrey Cohen, Brandon Famous and Rick Schuch will spearhead this new initiative.
According to Famous, Fameco’s CEO and partner: “Fameco’s commitment to the growing number of landlords and retailers it represents in center city requires a greater presence in the market. Establishing an office in center city will allow us to live and breathe the market every day and provide our clients with the most in-depth and current market intelligence available.”